Intercontinental Exchange (ICE) has announced plans to acquire software service Bridge2 in a bid to accelerate the development of the Bakkt consumer application.
ICE, the owner of the New York Stock Exchange (NYSE) and Bitcoin trading platform Bakkt, made this announcement via an official blog post.
The Bakkt app will provide digital asset aggregation, conversion, and payments through a single platform for consumers globally.
We have agreed to acquire leading loyalty program provider @bridge2loyalty
— ICE (@ICE_Markets) February 5, 2020
Additionally, the app will host a bevy of assets, such as loyalty rewards from various businesses, although the app will not be blockchain-based, a representative revealed.
According to the source, assets such as loyalty points and coupons will not be transferable off the platform.
“While all assets in the Bakkt app will be transferable to other Bakkt users within the app, those assets will not be tokenized on a blockchain or transferrable outside the Bakkt ecosystem,” he explained.
Bringing transparency and trust
ICE’s founder and CEO Jeffrey Sprecher said the platform’s aim is to bring transparency and trust to the digital asset markets.
He noted that with the launch of various features, the company was able to achieve quick success. Notably with its custody and trading offering.
Sprecher further added the company acquired Bridge2 Solutions with the proceeds from Bakkt’s Series B round of funding.
Bakkt CEO Mike Blandina stated the app “will, for the first-time, offer consumers a platform to use their digital assets. Notably, from crypto to loyalty points to in-game tokens, and also in user-friendly wallet.”
He noted that adding Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable the trading firm to launch new products.
Invariably increasing transparency, trust, loyalty, and also empowering consumers to trade, transfer, and spend digital assets in entirely new ways.
In spite of the significant critique, Bakkt in 2019 launched Bitcoin cash-settled futures. And has recorded various success with the launch of more features. Such as the Bakkt Warehouse and Bakkt futures and options markets.
The trading platform plans to add a customer loyalty component to the app through its Bridge2 acquisition. The app will enable consumers to unlock much of its value. Allowing consumers to trade and spend their digital assets freely, as they would with any other currency.
Also, in a bid to continue its expansion, ICE has reportedly made an informal offer to buy eBay. Its value stands at $30 billion.
Notably, the terms of the acquisition are not public. Additionally, the acquisition won’t have a material impact on net income and isn’t expected to impact capital return plans.