Bakkt to start trading on NYSE this week following SPAC merger

Bakkt to Start Trading on NYSE this Week Following SPAC Merger

Bakkt is a Bitcoin-focused financial services and payments platform that is set to start trading on the New York Stock Exchange (NYSE) this week, following a Special Purpose Acquisition Company (SPAC) merger. The long-anticipated move is expected to introduce a new wave of institutional investors to the cryptocurrency markets, potentially driving prices of digital assets higher.

What is SPAC?

SPACs, also known as ‘blank check companies,’ are publicly-traded entities that raise money from investors in order to pursue a given business objective. In this case, the objective was to merge with Bakkt and make it a publicly-traded company.

What Will Bakkt Offer?

Bakkt will offer various services and products to facilitate the buying, selling, and storing of Bitcoin and other digital currencies. In particular, its existing product offering includes:

• The Bakkt App: An app for digital asset investment and management.
• Bakkt Wallet: A digital wallet for storing, sending and spending digital assets.
• Bakkt Exchange: A regulated and secure cryptocurrency exchange.
• Bakkt Futures: A regulated marketplace for futures, options and other derivatives.

Impact of Bakkt on Cryptocurrency Markets

The entry of Bakkt into the public markets is likely to be a pivotal event in the history of cryptocurrency trading. Institutional investors have long been hesitant to invest in digital assets due to their uncertain regulatory status. However, with Bakkt providing a legitimate, regulated platform for digital asset trading and payment processing, more institutional investors may feel comfortable participating.

The increased participation from institutional investors could lead to increased demand for digital assets, potentially driving prices significantly higher in the near future.

Conclusion

Bakkt’s entrance into the public markets this week is an historic event that could have far-reaching implications for the cryptocurrency markets. The entry of institutional investors could potentially drive prices higher, and make digital assets a viable investment option for the mainstream financial world. On December 24th, New York-based digital asset platform Bakkt will begin trading on the New York Stock Exchange following its merger with VPC Impact Acquisition Holdings. This marks a milestone for Bakkt, which was founded in 2018 and since then has revolutionized the digital asset industry.

Bakkt is a leading digital assets platform that allows everyday users to buy, sell, store and spend digital assets, such as cryptocurrencies. It is powered by Intercontinental Exchange, the operator of 12 leading exchanges and 23 clearing houses, and is backed by marquee investors including Microsoft, PayU, Galaxy Digital and Boston Consulting Group.

Since its launch, Bakkt has made strides in advancing the digital asset industry. Its platform offers secure digital asset custody, federally regulated derivative markets and asset-settled payments. Bakkt’s products are designed to bring more trust, transparency and efficiency to digital asset markets.

The debut of Bakkt on the New York Stock Exchange is sure to bring more attention and recognition to the firm and the digital asset industry. With the launch, Bakkt will be the first digital asset platform on the NYSE. This will put Bakkt at the forefront of the digital asset industry.

The move is also expected to further legitimize the digital asset industry and draw more investors and institutions to it. Bakkt, which is trusted by prominent investors from traditional markets, can potentially attract big capital from hedge funds, venture capital firms and other institutional investors.

Bakkt’s move to the New York Stock Exchange marks a major step in the mainstream acceptance of digital asset markets and provides a major boost to the industry. As the leading digital asset platform, Bakkt can potentially shape the future of the digital asset industry with its innovative products and services.