Bakkt will commerce on the NYSE beneath BKKT on Monday after a merger with VPC Affect Acquisition Holdings.
Digital asset market Bakkt merger with VPC Impact Acquisition Holdings. From Monday it’ll commence on the New York Stock Exchange under the ticker “BKKT.” Last week, Bakkt partnered with Google Pay.
Cryptocurrency platform Bakkt will start trading as a public company on the New York Stock Exchange on Monday, in response to its proprietor, the Intercontinental Exchange.
Bakkt was launched in 2018 by the Intercontinental Exchange (the parent company of the New York Stock Exchange) as a crypto custodian: it holds Bitcoin safely in cold storage for large buyers.
The U.S. firm has since developed right into a “digital asset market,” and now offers a Bitcoin futures trading service, a cellular app that permits customers to spend their Bitcoin on everyday items in outlets and a Visa debit card, which Bakkt launched in June.
The Intercontinental Exchange said Friday that Bakkt completed a merger with VPC Impact Acquisition Holdings and can commerce on the NYSE beneath the ticker “BKKT.”
VPC Impact Acquisition Holdings is a “blank check” firm, meaning it has no business plan apart from to amass different firms and help them go public.
Bakkt stated in January that it was planning to go public. At the time, sources valued the Bitcoin company at over $2 billion.
Simply last week Bakkt announced it had partnered with Google to allow users to spend crypto with the Bakkt Visa debit card on the millions of retailers that use Google Pay worldwide.
As part of the partnership, Bakkt can even use Google Cloud to build new analytics with artificial intelligence, machine learning, and geolocation.
Bakkt has been working to permit its customers to spend Bitcoin as forex since 2019 when it partnered with Starbucks to let folks purchase espresso with the crypto.
Bakkt follows plenty of cryptocurrency firms going public. In April, Coinbase, the biggest crypto exchange in the U.S., got listed on the Nasdaq.
Shopping for fairness in public cryptocurrency firms is usually considered an indirect investment in Bitcoin, because the worth of public firms is usually tied to the whiplash ups and downs of the cryptocurrency market.
However come Monday, buyers may invest in something that brings them even nearer to Bitcoin than shares in Bakkt—the first Bitcoin futures ETF.