Crypto-Finserve Bakkt will soon be publicly traded on the New York Stock Exchange

189
SHARES
1.5k
VIEWS
ADVERTISEMENT



Bakkt Holdings, the digital asset management arm of Intercontinental Exchange (ICE), has announced that it will soon become a publicly traded company on the New York Stock Exchange on October 18.

The public listing of the Bakkt ticker is the result of a merger with VPC Impact Acquisition Holdings, a Chicago-based special purpose vehicle. According to an official statement, there was around 85.1% approval of the business combination at a shareholders’ meeting for the merger:

Related articles

“Upon closing, the Combined Company’s Class A common stock and warrants are expected to trade on the New York Stock Exchange (” NYSE “) under the ticker symbols” BKKT “and” BKKT WS “, respectively.”

In addition, the business combination resulted in gross proceeds of approximately $ 448 million for Bakkt that will be reinvested in expanding the company’s capabilities and partnerships.

Just last week, the Bakkt crypto exchange announced a partnership with Google to enable the purchase of goods and services in Bitcoin (BTC) and other cryptocurrencies through the Google Pay platform. According to Bakkt CEO Gavin Michael, the partnership is “a testament to Bakkt’s strong position in the digital asset market to enable consumers to use their digital assets in real time, safely and reliably.”

Back in March, Bakkt launched a payment app that enables users to make purchases using cryptocurrencies. Previously, the exchange only offered BTC futures contracts to accredited investors.

Related: US lawmakers propose a safe haven for digital tokens in a new law

Mainstream crypto adoption in the United States is receiving increasing support from lawmakers as a new bill calls for a safe haven for certain token projects.

A new bill proposed by North Carolina House Representative Patrick McHenry, “Clarity for Digital Tokens Act of 2021,” proposes amending the Securities Act of 1933, which allows projects to use tokens for up to three years to offer without registration.

The bill was based on an older initiative by SEC Commissioner Hester Peirce, in which it was highlighted that “Safe Harbor could be the most groundbreaking development to date for the US cryptocurrency market”.