News
The company said the acquisition is expected to diversify and bolster Bakkt’s revenue as it scales its offerings.
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Bakkt News
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.
- News
The now former president did not reveal what his next move would be, or whether he would continue to work in the cryptocurrency industry.
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Bakkt’s share price surged by 120% during Monday’s trading session on the heels of fresh partnerships with global payments firms.
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The price of BKKT contracted by more than 6% during its first day of public trading.
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Starting Oct. 18, Bakkt’s common stock and warrants will be listed on NYSE under the ticker symbols “BKKT” and “BKKT WS,” respectively.
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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.
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Quiznos customers will soon be able to pay in Bitcoin via Bakkt's app at certain Colorado locations.
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Institutional inflow to crypto is only getting started, but the technology promises to improve the futures markets beyond crypto.
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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.
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Intercontinental Exchange has sold its 1.4% stake in Coinbase to reduce the company’s debt.
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Bakkt believes its new crypto payments app will unlock more than $1 trillion worth of digital assets for commerce.
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Bakkt will also have a money transmitter license in the state of New York.
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As Bakkt prepares to be listed on the NYSE, even more crypto companies could be going public in the future.
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Bakkt's CEO did not mention whether the company decided to stay away from XRP due to Ripple’s ongoing legal issues.
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ICE's institutional exchange, Bakkt, will launch on stock markets at a possible $2.1 billion valuation.
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