Intercontinental Exchange (ICE) of the New York Intercontinental Exchange (ICE) announced plans to acquire software service Bridge2 in preparation for launching an application for ICE's subsidiary, Bakkt.
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A Bakkt spokesperson told Cointelegraph in a February 5 email that Bakkt's app will host many assets, such as loyalty rewards from various businesses, as well as crypto assets, although the app is not blockchain-based. The spokesperson clarified that assets such as loyalty points and coupons will not be transferable from the platform.
"Although all assets in the Bakkt app can be transferred to other Bakkt users within the app, these assets will not be tokenized on the blockchain and will not be transferred outside the Bakkt ecosystem."
According to a press release provided to Cointelegraph, ICE intends to announce the acquisition of Bridge2 Solutions as an ICE service as software or SaaS platform on February 5. After the acquisition, Bakkt plans to acquire Bridge2 from Bakkt's parent company, ICE, and use this SaaS platform as its upcoming consumer application.
After much anticipation, ICE launched its regulated Bakkt digital asset trading platform in September 2019 to facilitate physical futures settlement of Bitcoin futures transactions. Just a few months later, Bakkt opened bitcoin options trading on its platform.
The press release states that Bakkt continues to expand and is currently developing a consumer-level application that offers a range of options, including digital asset payments and transactions. Bakkt plans to add a customer loyalty component to the app by acquiring Bridge2.
As a software provider, Bridge2 helps businesses create digital loyalty programs such as digital coupons, employee incentives and customer loyalty points. The press release states that Bridge2 "supports seven of the top ten financial institutions and provides 4,500 loyalty, incentive, and employee benefit programs to companies in all industries."
Combined with Bridge2's expertise, Bakkt plans to give its consumer applications a wide range of use cases.
Bakkt CEO Mike Blandina said in a press release:
"With the release of the Bakkt app, we will provide consumers with a powerful platform in a user-friendly wallet for the first time to integrate and use all their digital assets, from crypto to loyalty points to game tokens. "
According to detailed information shared with Fortune, Bakkt's goal is to increase usability in its new applications. According to reports, users of this app can use customer rewards, coupons and loyalty points from different companies as cash and integrate them into the Bakkt app.
The Wall Street Journal ’s February 4 briefing revealed that in order to expand its business, ICE also contacted eBay to provide e-commerce giants with more than $ 30 billion in bids for acquisitions. ICE and eBay are not yet in formal negotiations.