The Intercontinental Exchange, or ICE, owner of the New York Stock Exchange, has announced plans to purchase Bridge2 software service in preparation for an app launch from the ICE subsidiary, Bakkt.
The Bakkt app will host a whole range of assets, such as loyalty rewards from different companies, as well as crypto assets, although the app is not based on blockchain, a Bakkt representative said in a February. 5 email. The representative clarified that assets such as loyalty points and coupons cannot be transferred from the platform.
“Although all resources in the Bakkt app are transferable to other Bakkt users within the app, these assets will not be tokenized on a blockchain or transferable outside the Bakkt ecosystem,” he said.
ICE plans to acquire Bridge2 Solutions, a software as a service, or SaaS, platform, the exchange announced on February. 5, according to a press release provided to Cointelegraph. After the acquisition, Bakkt wants to obtain Bridge2 from ICE, the parent company of Bakkt, which uses the SaaS platform for its upcoming consumer application.
Bakkt plans to raise capital from its current Series B raise to purchase Bridge2 from ICE, the press release detailed, adding that Bakkt’s financing round is likely to end in the coming months.
After much anticipation, ICE launched its regulated Bakkt platform for trading digital assets in September 2019, which promoted physically completed Bitcoin futures trading. Just a few months later, Bakkt opened the Bitcoin options trading on its platform.
Bakkt is continuing its expansion and is currently developing a consumer app with a range of options, including payments for digital assets and trade, the press release said. Bakkt plans to add a customer loyalty component to the app through the acquisition of Bridge2.
As a software provider, Bridge2 helps digital loyalty programs for companies, such as digital discount coupons, employee incentives and customer loyalty points. Bridge2 “manages programs for seven of the top ten financial institutions and 4,500 loyalty, incentive and employee benefit programs for companies in a broad spectrum of industries,” the press release noted.
By integrating Bridge2’s expertise, Bakkt intends that its consumer app will have a broad spectrum of usage scenarios.
Mike Blandina, CEO of Bakkt, said in the press release:
“With the launch of the Bakkt app, for the first time we offer consumers a robust platform for consolidating and using all their digital assets, from crypto to loyalty points to game tokens, in one user-friendly wallet.”
According to details shared with Fortune, Bakkt strives for high utility in its new app. App users are said to be able to use customer rewards, discount coupons, loyalty points from different companies as cash, consolidated into one amount in the Bakkt app.
In another attempt at expansion, ICE also contacted eBay, with more than $ 30 billion for the e-commerce powerhouse, according to a Feb. 4 letter from the Wall Street Journal. ICE and eBay are not currently negotiating officially.