Microsoft, PayU and Boston Consulting Group are among the investors in digital currency platform developer Bakkt, which will list in a reverse merger set to value it at $2.1bn.
Bakkt Holdings, the US-based digital asset marketplace spun off by financial exchange operator Intercontinental Exchange, agreed to merge with special purpose acquisition company VPC Impact Acquisition Holdings yesterday.
The deal is set to create a company valued at $2.1bn once it goes through, and it will take the place on the New York Stock Exchange secured by VPC – which is sponsored by investment adviser Victory Park Capital – when it floated in a $200m initial public offering in September 2020.
Intercontinental Exchange is committing $50m to a $325m private investment in public equity (PIPE) investment in the company in connection with the reverse merger.
Founded in 2018, Bakkt provides a range of digital currency services through its online platform, including crypto trading and a mobile wallet that facilitates the holding and use of loyalty points, gift cards and in-game assets.
The company secured almost $183m in series…
