We recently shared with you a remarkable claim about the leading crypto exchange Bakkt. According to an announcement made today, the claim has been finalized and Bakkt will now become a public company.
The value of the company is expected to be 2.1 billion dollars. Bakkt decided to partner with VPC Impact Acquisition Holdings in a deal that would create a combined company called Bakkt Holdings, which will be listed on the New York Stock Exchange.
It is not surprising that the rush to go public is emerging at a time of rising demand for Bitcoin and other digital tokens, with ultra-low returns and negative interest rates.
In addition, Gavin Michael, former technology head of Citi’s Global Consumer Bank, joined Bakkt today as CEO. Michael replaced David Clifton, who served as Bakkt’s interim CEO and will now join the combined company’s board of directors. In the past, Michael also chaired the Chase digital team and served as chief technology innovation officer at Accenture. “I am excited to be joining the management team at this crucial time of the expansion of a company whose vision is to bring trust and transparency to digital assets through innovation and technology,” said Michael in a statement.
The cryptocurrency platform Coinbase also filed anonymously to go public in December, a move that could make it the first exchange in the United States to list it on the stock market.
Entries by such trading platforms are likely to provide greater acceptability to digital assets among skeptics and more importantly, regulators. Şant Manukyan also evaluated this development as follows:
“IT IS A HIGHLY POSITIVE DEVELOPMENT IN MY HANDS THAT INSTITUTIONS Dealing with THIS TYPE OF BITCOIN CAN JOIN THE MAIN. REDUCING THE RISK FOR REGULATIONS. “