This article comes fromZycrypto, original author: Bernice Nyambura
Odaily Translator | Nian Yin Si Tang
Odaily Translator | Nian Yin Si Tang
Bakkt, a provider of bitcoin custody and digital asset services launched by Intercontinental Exchange, announced that it will merge with blank check company VPC Acquisition Holdings, which will value Bakkt at about $2.1 billion.
Under the new merger, Bakkt Holdings LLC will be renamed Bakkt Holdings Inc. and will be listed on the New York Stock Exchange. the company on twitterwrote：
according to
according toOfficial AnnouncementOfficial Announcement
“I am delighted to join the management team at this important time in the company's expansion. The company's vision is to bring transparency to digital assets through innovation and technology,” said Michael.
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Investors in Bakkt are expected to put their stakes into the new venture, while ICE has committed an additional $50 million to the merger. In late April 2020, ICE said it spent nearly $300 million in a deal to help Bakkt acquire loyalty rewards provider Bridge2 Solutions. It is worth mentioning that Bakkt was announced in February last yearbuybuy
Bridge2 Solutions, and announced the completion of a $300 million Series B round in March. It's not clear whether the $300 million represents the total amount of the acquisition, or how much of the money used for the acquisition came from the Series B round, but Bakkt did previously say that some of the Series B money would be used for the acquisition .
Bakkt also plans to roll out the Bakkt app to all users in March 2021. The app is currently invite-only, and more than 400,000 consumers have signed up for early access.
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Is Bakkt Overrated?
Bakkt provides Bitcoin custody and liquidity services to help unlock $1.2 trillion in digital assets locked in cryptocurrencies, merchant stored value, game assets, rewards and loyalty points.
The company does this through its various products such as Bakkt Warehouse, Bakkt Bitcoin futures and options contracts, consumer applications, loyalty and merchant products.Barry Silbert, founder of Grayscale and founder of DCG, said that the valuation of Bakkt after the merger is a "valuation of how high Coinbase IPO may be".”。
Unlike Bakkt, which uses a SPAC (Special Purpose Acquisition Company), CoinbaseAnnounceAnnounceIt intends to go public via a traditional IPO in early 2021. While it's unclear what Coinbase's public valuation is, it's estimated to be more than the current private valuation of about $7.7 billion. Still, according to Silbert, Bakkt's valuation may be a bit off.。
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Bakkt's vision for the future
Bakkt said it expects to have 18 million users by 2022, compared with 9 million in 2021. This number is then expected to grow further to 23 million in 2023 and 27 million in 2024. Also, according to their projections, by 2025, when they estimate 30 million active users, their gross revenue less transaction-based fees should exceed $500 million, while operating income could reach $196 million.
