Bakkt offering only Bitcoin set to add Ethereum


TL;DR Breakdown

  • Bakkt set to expand its crypto product, adds ETH.
  • Firm says it has received approval to add ETH to its platform.
  • Crypto firm continues to make gains after going public.

Bakkt exchange, a crypto platform that offers only Bitcoin trading, has said it would add Ethereum to its platform.

On Friday, a representative of the firm said they have received all the necessary approval to begin offering Ethereum on the Bakkt platform.

“We have received all required approvals and have already built the necessary technology to begin offering Ethereum on the Bakkt platform. These capabilities will be live on the platform in the next few weeks.”

The platform offers limited Bitcoin services such as buying and selling of Bitcoin and sending to other users. However, it does not allow withdrawal to third-party wallets.

In addition to its retail offerings of Bitcoin and, soon, Ether, the crypto firm has derivatives trading and custody servicers available to institutional investors, which it is more famous for.

Bakkt fail, gains as it goes public

Most recently, the crypto firm went public on the NYSE in October. As of the time of writing, BKKT is up almost 9 percent on the day. Its debut in the stock exchange has been more of a success with minor setbacks.

The firm’s stock ended its first 24 hours with a 6 percent decline after previously tanking three percent that very day. Days after, Bakkt stock surged by over 200 percent after two massive partnerships with Mastercard and Fiserv.

Bakkt stock saw the rise after outlining the two new partners in its attempts to enhance cryptocurrency mass adoption. The crypto firm partnered with MasterCard to help the debit and credit card processing titan provide its customers with a broad range of cryptocurrency services.

The firm partnered with Fiserv to give companies more options when making payments to consumers and other businesses. The financial-services giant will work with the crypto firm to help its customers more easily transfer crypto assets into and out of mobile wallets.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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