Laurent le Moal, CEO of PayU

Payment fintech PayU has become the latest investor in Bakkt, the new cryptocurrency venture led by Intercontinental Exchange (ICE), the operator of the New York Stock Exchange.
Bakkt has been set up to serve institutional demand for trading in Bitcoin and draws on ICE’s expertise and network of global exchanges and clearinghouses. Other investors seeding Bakkt include Boston Consulting Group, Microsoft’s M12 venture capital arm and Pantera Capital.
The move is the latest investment from PayU in a venture that is intended to complement its core payments and credit business product portfolio. It has also funded remittance company Remitly and cryptocurrency platform Luno.
“We are relentless in our search for exciting new companies with innovative value propositions, in both established and high growth markets,” said Laurent le Moal, CEO of PayU. “Investing alongside partners ranging from BCG to Pantera Capital is really exciting and we look forward to evaluating cryptocurrencies’ long-term potential together with the other shareholders.”
“Cryptocurrency offers exciting opportunities as we believe we are in the very early stage of the creation of a new asset class,” added Fady Abdel-Nour, Global Head of Investments and M&A at PayU. “Digital assets have unique requirements and we believe Bakkt will provide the infrastructure needed to evolve these instruments. We are delighted to be investing in Bakkt to help push this trend forward and look forward to seeing the business reach its full potential.”

by Guy Matthews