Bakkt, the digital assets economy firm released their Q1 financial reports today, May 12, 2022. According to the company, earning from cryptocurrency conversion is up by 91% year to year. The report is a reflection of the financial result of the quarter which ended March 31, 2022.
Net Growth in Earnings
According to the statement, the company’s year over year revenue has seen a momentum built over the months, which shows a net growth in earnings. The report states that the accomplishment of Bakkt through the quarter was catalyzed by several partnerships they entered into. It further stated that it will ramp up activities in this area that will see the company activating more integrations with more partners throughout the year.
“We’re launching scalable products, like pay with points, which was recently activated with Wyndham Rewards, and making continued platform enhancements as we aggressively execute on the rest of our targeted roadmap,” the report states.
91% Boost in Crypto Assets Conversion
— Bakkt (@Bakkt) May 12, 2022
The financial records show that the company has 678,000 transacting accounts. This is a year to year increase of 26%. Conversion volume for crypto assets boosted by 91% to $182 , year to year
The company says that its 12.5 million net revenue is an increase of 54% year to year. This growth is driven by its loyalty redemption program.
There was an increase of 67% in operational expenses to $61 million, year to year.
It reported a 71% decrease in adjusted EBITDA (non-GAAP). It highlighted that the $28.9 million recorded is a reflection of a net loss increase.
About Bakkt Partnerships
Bakkt is a digital assets company that facilitates the buying, selling and storage of cryptocurrencies. The company has integrated with several financial firms. Four banks are currently integrated with the company, with American Bank being the latest partner of Bakkt.
The partnership creates a channel for the retail partners of the banks to buy, sell and hold cryptocurrencies. This is accomplished in a secure, trusted and regulated environment where Bakkt operates.
Global Payments is another Bakkt partner that brings innovative payment solutions software to the table. Its banking-as-a-service solution is primed to enable technologies such as virtual cards. Another feature is cryptocurrency redemption and loyalty programs.
The report said that there have been two additions to the company’s Board of Directors. The new members are De’Ana Dow and Jill Simeone, who the report says bring expertise in financial and retail fields. Cryptoinfowatch reported a previous partnership between Bakkt and Quiznos last August.