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Crypto firm Bakkt goes public, listed on NYSE

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TL;DR Breakdown

  • Bakkt to be listed on NYSE on Monday.
  • Bakkt partners blank check company to go public.
  • Bakkt becomes seconf crypto firm after Coinbase to be listed on Stock Exchange.

Top American crypto firm, Bakkt is the next crypto firm to become a publicly traded company after its listing is completed on Monday on the New York Stock Exchange (NYSE).

Since the beginning of the year, the crypto firm has been on the sidelines of debuting in the Stock Exchange through a merger with VPC Impact Acquisitions Holdings. On Friday, the Intercontinental Exchange said Bakkt completed its merger with VPC Impact Acquisition Holdings and will trade on the NYSE with ticker “BKKT.”

VPC is a firm whose business is to acquire other companies and help them go public (blank check).

Bakkt has reportedly earned gross proceeds of roughly $450 million through the business merger. The company plans to utilize the funds to finance investments in “the platform’s capabilities and marketing efforts, and accelerating current and future partnerships.”

The firm now becomes the second crypto firm after Coinbase to go public. Coinbase started trading on NASDAQ in April when its valuation was over $100 billion.

Crypto firm Bakkt evolution in the crypto industry

The crypto firm was launched in 2018 by the Intercontinental Exchange, the firm that owns New York Stock Exchange. Bakkt was, however, a crypto custodian that stores coins for big investors in a cold storage.

It involved from 2018 into a “digital asset marketplace” and now offers a Bitcoin futures trading service and also an app that enables users to spend their Bitcoin on everyday goods in shops through a Visa debit card launched in June.

The crypto firm recently announced its partnership with Google enabling its users to spend crypto with the Bakkt Visa debit card at the millions of merchants stores that use Google Pay worldwide.

Bakkt would also use Google Cloud to build new analytics with artificial intelligence, machine learning, and geolocation as part of the partnership.

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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