Bakkt, the cryptocurrency exchange platform owned by Intercontinental Exchange Inc., plans for a merger with VPC Impact Acquisition Holdings, a blank check firm. The transaction is predicted to value the combined entity at more than $2 billion. The announcement may come in the next week says the people with knowledge of the matter.
The Bakkt, ICE, and VPC representatives declined to comment. In 2020, Bakkt raised a capital of $300 million from ICE and other investors. Later, Bakkt attained the loyalty programs provider, Bridge2 Solutions. Also, in 2019, the cryptocurrency exchange launched fully-regulated Bitcoin futures and the options market.
The CEO, David Clifton, ICE’s vice president of M&A and integration manages Bakkt. U.S. Senator Kelly Loeffler is the founding CEO of Bakkt. Last April, Mike Blandina, Senator’s successor joined JPMorgan Chase & Co.
Victory Park Capital raised $200 million in the September IPO. The Chairman and CEO, John Martin stated that its strategy is to “identify, partner with and help grow a business in the fintech sector.”