Bakkt’s CEO Confirms Plans to Support Other Altcoins But Has No Plans for XRP

The woes of Ripple worsens after the $1.3 billion dollar lawsuit filed by the SEC.

  • Bakkt has confirmed plans to go public through a partnership with a Victory Park Capital-backed SPAC.
  • The CEO of Bakkt has revealed that it has no plans to support the XRP tokens despite plans for altcoins support.
  • The woes of Ripple worsens after the $1.3 billion dollar lawsuit filed by the SEC.

After concluding talks with VPC Impact Acquisition Holdings, prominent cryptocurrency exchange Bakkt announced that it had gone public via a Tweet that reads;

Bakkt, the Digital Asset Marketplace Launched by Intercontinental Exchange in 2018, to Become a Publicly Traded Company via Merger with VPC Impact Acquisition Holdings

According to the press release, the combined company will be renamed Bakkt Holdings, Inc. and will be listed on the New York Stock Exchange. The transaction is set to value the combined entity at $2.1 billion.

The Bakkt App is Coming

Bakkt has announced its intention to launch an app. The Bakkt App is designed to give people an easier way to pay for everyday items using digital assets.

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What we are trying to do is to provide infrastructure to power the wallet of the future. We are looking to show the consumers we recognize hold value far more than they realize in these digital assets. And what we want to be able to do is just give them the ability to accelerate the shift to the use of digital assets in payments.

After the company went public, its CEO, Gavin Michael met with Axios Re: Cap podcast to discuss the mainstream adoption of digital assets.

Bakkts’s CEO, Gavin Michael, says the exchange which already supports Bitcoin trading, is planning to roll out support for a number of other altcoins on its app in the future. However, the XRP token is not one of them.

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He however declined questions on whether the company decided to stay away from XRP due to its $1.3 billion lawsuits in December.

On the Flipside

  • The crypto industry is constantly evolving and looking for more efficient ways to perform transactions
  • In this light, a new DeFi project offers a new way to trade the entire $1 trillion crypto market via its TCAP tokens
  • Cryptex has Already lined up 500 users for its testnet, including a number of liquidity providers in the U.S.

Ripple Regulatory Woes Worsens

Grayscale Investments has initiated the dissolution of its XRP Trust, citing the lawsuit against Ripple (XRP) as the cause. This comes after Grayscale removed XRP from its large-cap crypto fund earlier this month.

Also, the number of addresses holding in excess of 1 million XRP has fallen from 1,705 as of December 22 to 1,562 as of Monday, 11 January 2020.

In addition, many exchanges have decided to delist the XRP tokens including Coinbase, Crypto.com, Bitstamp, OKCoin, Ziglu, Wirex, Bittrex, and Swipe Wallet.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia