Established in the year 2018 by intercontinental exchange (ICE), the cryptocurrency platform Bakkt is going to go public very soon as the company behind this platform is making preparations for it. It is expected to go public via a merger with SPAC (Special Public Acquisition Corporation) Victory Park Capital.
Bakkt To Become Soon A Publicly Traded Firm
The company behind Bakkt Holdings has disclosed in an announcement on the 11th of January that Bakkt is soon going to become a publicly-traded firm. The team behind Bakkt has formed a strategic agreement with VPC Impact Acquisition Holdings, which will collaborate with the company on this project. As a part of this deal, both of these companies will work with each other to turn Bakkt into a publicly-traded company. As per the announcement, the valuation of Bakkt stands at around $2.1 billion.
Gavin Michael will lead Bakkt while acting as the Chief Executive Officer (CEO) of the company. Prior to becoming the CEO of Bakkt, Michael was working for the Global Consumer Bank of Citi while serving as its Head of Technology. Commenting on his appointment, Michael said that he was really delighted to become a part of the company’s management team at this crucial time when the company is planning its expansion. He also unveiled the vision of Bakkt that is to introduce transparency and trust in the cryptocurrency sector by using modern technology.
Bakkt plans to Add Support For More Digital Currencies
Meanwhile, Gavin Michael has said in a recent podcast that the company also intends to introduce more cryptocurrencies on its platform for users. He said that they started their journey by listing Bitcoin (BTC), the world’s largest cryptocurrency by market value. However, they are going to bring more digital assets to their platform to facilitate the needs of users.
He also disclosed the fact that Ripple’s native digital currency XRP will not come along with this suite of digital currencies. This means that users of the exchange will not be able to access the trading of XRP. The reason behind this decision is apparent to everyone as XRP is currently deemed as an unregistered security. And its parent company Ripple Labs, is facing a lawsuit from the United States Securities and Exchange Commission.