ICE to Acquire Bridge2 Solutions for Bakkt

Bridge2 Solutions will be transferred to the management of the Bakkt trading platform to help them with the app development
06 February 2020   288

The Intercontinental Exchange (ICE) holding announced its readiness to redeem Bridge2 Solutions, the developer of loyalty programs for sellers and buyers, to expedite the release of the Bakkt application.

According to ICE, after the transaction, Bridge2 Solutions will be transferred to the management of the Bakkt trading platform, a subsidiary of ICE. To this end, Bakkt will use the funds raised in the B-series financing round.

Bridge2 Solutions collaborates with leading global brands and large financial institutions, developing loyalty programs for their customers, as well as incentive programs for employees. By taking advantage of Bridge2 Solutions' ties with various companies, the Bakkt platform will accelerate the development of its custom application, with which investors can pay for purchases with cryptocurrencies around the world.

As the chairman and CEO of ICE, Jeffrey Sprecher, emphasized that after the launch of the custodial service Bakkt Warehouse and the first regulated options and futures for bitcoin, the release of this application will be a key stage in the further development of the platform.

With the launch of the Bakkt app, we will, for the first time, offer consumers a robust platform to consolidate and use all of their digital assets, from crypto to loyalty points to in game tokens, in one user-friendly wallet. Combining Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable us to launch new products that further drive loyalty and empower consumers to trade, transfer and spend digital assets in entirely new ways.

 

Mike Blandina

CEO of Bakkt

ICE management did not disclose the terms of the acquisition of Bridge2 Solutions, but clarified that such a transaction would not have a significant impact on ICE’s net profit or ROI.

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   631

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.