Intercontinental Exchange (ICE), the company behind Bitcoin futures product Bakkt, said it has agreed to acquire Bridge2 Solutions, a leading technology firm that provides loyalty programs for merchants and customers.
Once the transaction has been finalized by ICE, Bakkt intends to use the funds from its second round of funding to acquire Bridge2 Solutions from its parent company in order to expand its services. However, the terms and conditions of this agreement were not revealed.
Bridge2 Solutions helps to drive both engagement and loyalty between world-leading brands and their customers. The company provides loyalty solutions for about seven of the top ten financial institutions in the world including more than 4,000 employee benefits and incentives for various companies in different industries.
Bakkt has been working hard to bring trust and stability to the digital asset market ever since the launch of its Warehouse for Bitcoin deposits.
The combination of these two companies will help in the development of Bakkt’s consumer application, which is designed to provide consumers with services for the payment, collection, and conversion of digital assets.
Speaking on the potential benefits of this acquisition to the company, the founder, chairman, and CEO of ICE, Jeffrey Sprecher said:
Bakkt was created to help bring transparency and trust to the previously unregulated digital asset markets. Bakkt’s second round of funding, and its acquisition of Bridge2 Solutions, will help accelerate the development of Bakkt’s consumer application, which has been a key part of our strategy since we first looked at this market.
Bakkt’s CEO, Mike Bladina added, “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.”