Leading crypto exchange Bakkt has been in the headlines for a few days with its plan to go public. In its January 11 press release, Bakkt outlined its plan to go public by merging with SPAC Victory Park Capital.
Bakkt CEO Gavin Michael announced on the Axios Re: Cap podcast that his company, which will be open to the public soon, plans to add new cryptocurrencies. However, Ripple-dependent XRP is not among these cryptocurrencies:
“WE ENTERED THE FIELD OF CRYPTO THROUGH BITCOIN … THERE ARE OTHER CRYPTO MONEY PLANNED TO BE JOIN THE SHIP AS PART OF PRODUCT DEVELOPMENT, BUT XRP IS NOT AMONG THEM.”
As it is known, many exchanges, including Coinbase, announced that they would suspend XRP trading or remove the token completely after the US Securities Commission (SEC) sued Ripple in late December. It’s no wonder Bakkt chose to stay away from the cryptocurrency currently considered a security by the SEC. Answering the question about Bakkt’s new FinCEN rules for self-hosted wallets, Michael said that his company is focusing on regulatory compliance:
“THEREFORE, WE BELIEVE THE NEED TO MAINTAIN REGULATIONS RELATED TO THE USE OF THESE MEDIA AS RAMPS IN THE FINANCIAL SYSTEM. WE ARE STRONGLY SUPERVISED. WE HAVE A VERY POWERFUL AML / KYC APPROACH THAT NEEDS SPOKEN REGULATIONS. ”
First launched in September 2019, Bakkt is much more than a crypto exchange or a storage platform. Its customer-centric application supports all types of digital assets, from gift cards to in-game assets.
Finally, Michael says the company’s IPO will provide more opportunities for crypto enthusiasts:
“I think it provides more opportunities for crypto-enthusiast consumers to easily enter the environment and fight with a very easy-to-use application.”