US-based cryptocurrency trading platform Bakkt received almost $183m in funding on Monday from investors including software producer Microsoft, payment technology provider PayU and futures exchanges operator Intercontinental Exchange.
The round also featured consulting firm Boston Consulting Group as well as crypto asset manager CMT Digital, trading firm Eagle Seven, merchant bank Galaxy Digital, Goldfinch Partners, Horizons Ventures, Pantera Capital, Protocol Ventures and angel investor Alan Howard.
Microsoft participated in the round through its corporate venturing subsidiary M12. Its involvement was first revealed in August 2018 when Bakkt was established by Intercontinental Exchange.
Bakkt will operate a regulated institutional-grade exchange for digital assets, initially focusing on trading and converting cryptocurrency Bitcoin to traditional currencies.
The platform has been created to connect existing markets, clearing and warehousing services to an ecosystem that is also expected to include merchant and consumer applications.
Bakkt is collaborating with coffee chain Starbucks to develop applications enabling consumers to convert cryptocurrency into US dollars in order to purchase drinks and food in-store.
The company has also been working with the US Commodity Futures Trading Commission to secure regulatory approval for its exchange but has not revealed a timeline for when it expects to receive clearance.
