While cryptocurrency markets are experiencing another crash this Mon, major digital asset platform Bakkt has some good news.

Referred to as one of the most promising crypto-related initiatives for its physically settled Bitcoin (BTC) futures, Bakkt has now raised an additional $300 million to go along developing digital nugget-focused services, the firm's new CEO Mike Blandina announced on March 16.

Closed the funding circular on March thirteen, Bakkt has now totally raised $482.5 1000000

According to the announcement, the Series B financing round featured Bakkt's parent company, the Intercontinental Commutation (ICE), Microsoft's venture upper-case letter arm M12, fintech house PayU, Boston Consulting Group and Goldfinch Partners. Prominent blockchain industry-related investors included CMT Digital and major crypto investor Pantera Capital, the declaration reads.

Bakkt's latest funding round comes amid multiple crashes both on crypto and stock markets. According to public data on the official website of the Us Securities and Substitution Committee (SEC), the latest fundraise was closed on Friday, March thirteen, the mean solar day when Bitcoin touched a multi-month low of $3,916.

By securing additional $300 million, Bakkt has now totally raised over $482 million afterwards raising $182.5 1000000 in late December 2022, a spokesperson at Bakkt confirmed to Cointelegraph.

Bakkt redesigns website in line with plans to release Bakkt app in summertime

While announcing the investment news on Monday, the CEO besides revealed that Bakkt had updated its website, revealing more details about the Bakkt app scheduled to launch this summer.

Equally previously reported past Cointelegraph, Bakkt is planning to spend capital letter raised from its Series B to buy software service Bridge2 from ICE to launch its own Bakkt app. Specifically, the upcoming app will not be blockchain-based and volition feature a multitude of assets similar loyalty rewards from various businesses, too as crypto assets.

According to Blandina, digital avails similar loyalty and rewards points, in-game assets, merchant stored value, and cryptocurrencies collectively represent about $1 trillion in consumer spending power. Bakkt CEO continued:

"I'one thousand excited at our potential to unlock nearly $1 trillion of digital assets when the Bakkt app launches this summer. With the completion of our Series B financing and recent acquisition of Bridge2 Solutions, Bakkt is now a squad of 350 employees and powers the loyalty redemption programs for 7 of the acme ten financial institutions and over 4,500 loyalty and incentive programs including two of the largest U.s. airlines."