Bakkt is expanding its custody services shortly after its quarterly earnings report showed assets under custody declined 28%.
Bakkt is a cryptocurrency-focused institutional investment firm that was spun out of Intercontinental Exchange, or ICE — an operator of large, regulated exchanges such as the New York Stock Exchange.
In September 2019, the firm launched its much-anticipated Bitcoin (BTC) futures trading platform. While the initial launch was underwhelming, with relatively low volume given the hype, Bakkt announced additional products in the following months such as fully regulated BTC options trading, cash-settled futures and a partnership with Starbucks.
Since its announcement, Bakkt has caught the attention of the crypto industry, as it marks a serious effort by the world’s largest exchange to onboard institutional investors into the burgeoning crypto asset class.
The firm also generated buzz in the industry after former CEO Kelly Loeffler became the first Republican woman to represent the state of Georgia in the United States Congress where she is expected to support crypto-friendly regulation.
Bakkt reportedly suspended trading of SOL, MATIC and ADA — tokens the U.S. SEC recently deemed securities.8393
Bakkt’s chief product officer, Dan O’Prey, expressed his optimism about the future of Bitcoin and the company’s outlook on regulated markets when he chatted with Cointelegraph at Bitcoin 2023.4087
The delisting included major tokens used in DeFi, with the company saying it was following “up-to-date regulatory guidance.”8225
A turnkey platform that lets fintech businesses offer crypto investing to clients, Apex Crypto has brokered $12.5 billion in crypto trades since its inception.4613
The company said the acquisition is expected to diversify and bolster Bakkt’s revenue as it scales its offerings.4303
The now former president did not reveal what his next move would be, or whether he would continue to work in the cryptocurrency industry.3789
Bakkt’s share price surged by 120% during Monday’s trading session on the heels of fresh partnerships with global payments firms.8675
The price of BKKT contracted by more than 6% during its first day of public trading.7639
Starting Oct. 18, Bakkt’s common stock and warrants will be listed on NYSE under the ticker symbols “BKKT” and “BKKT WS,” respectively.7814
Millions of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at a variety of stores and online markets.11142
Quiznos customers will soon be able to pay in Bitcoin via Bakkt's app at certain Colorado locations.2412
Institutional inflow to crypto is only getting started, but the technology promises to improve the futures markets beyond crypto.7092
Touted for its ability to allow users to "leverage the digital assets in their day-to-day lives,” the Bakkt Visa debit card is now available for online and in-store purchases.6261
Intercontinental Exchange has sold its 1.4% stake in Coinbase to reduce the company’s debt.7990