FUTURE PROVIDERS OF BITCOIN, BAKKT IS GOING TO BE LISTED ON THE NEW YORK STOCK EXCHANGE

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  • A huge merger between the Digital Asset Marketplace, Bakkt and VIH in order to expand its company to a large scale 
  • An application for public offering was filed  with the US SEC on a major exchange procedure, this was because Bakkt had a different listing process from Coinbase
  • Bakkt is on the verge of launching an application for the consumers, it was supposed to come to the market in 2020, but further announcements are yet to be made by the company

Bakkt is the Digital Asset Marketplace, it was launched by the Intercontinental Exchange in the year 2018. Bakkt is aiming to become a large-scale trade company on a public scale. Bakkt is proceeding with its venture with the help of a merger with the VPC Impact Acquisition Holdings. The news of Bakkt reaching an agreement to list on the NYSE was announced on the 11th of January. This agreement had been signed by VPC Impact Acquisition Holdings, the merger company of the “Blank Check Company (SPAC)”. An estimate was made of around 2.1 billion dollars of the corporate value of the listing.

THE LAUNCH OF THE BAKKT PLATFORM

ICE launched the Bakkt platform as a marketplace and as an asset to the digital market in the year of 2018. This platform offers trading in options and in futures of Bitcoin, in the present times. This news was reported last week by Bloomberg. The Japanese company SPAC which means “Special Acquisition Company.” SPAC refers to privatised companies and companies that aim at merging and acquiring businesses of the other sectors of companies without having the motive of carrying out businesses on their own. These numbers of these companies have surged in recent years in the US. The initial application for public offering was filed with the US SEC on a major exchange because Bakkt’s listing process differed from that of Coinbase. 

REVIEWS FROM SEVERAL IMPORTANT COMPANY HEADS ON THE MERGER 

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The merger received unanimous approval from all the members of Bakkt’s board, as well as VIH. The merger is formally decided to take place in Q2, 2021 between the tenure of April and June after receiving an approval from the authorities and stakeholders of VIH. The company will be taking up a new title once the merger is complete, “Bakkt Holdings.”

THE LAUNCHING OF THE BAKKT APPLICATION

Bakkt app is for its consumer and the announcement date is revealed to be around March, 2020. Presently, the app is available only to the invited users. Bakkt app got integrated into the Starbucks app to make payments. The Bakkt app not only aims at releasing the value of crypto assets, but also of digital assets, over a wide range. The initial launch date was revealed as 2020, but its progress report has not been shared by the company yet. Around 400,000 users have already registered for the app. 

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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