Bakkt, one of the biggest cryptocurrency companies in the United States, will not support the cryptocurrency XRP as part of its further product development, according to the CEO. Bakkt CEO Gavin Michael sat down with the Axios Re:Cap podcast to discuss the mainstream adoption of Bitcoin and other digital assets. Bakkt CEO said that Bakkt is planning to roll out support for a number of altcoins on its platform in the future, but XRP is not one of them.
Bakkt CEO did not mention the reason for not supporting XRP.
Michael declined to comment on whether the company decided to stay away from XRP due to Ripple’s legal issues sparked by a lawsuit from the U.S. Securities and Exchange Commission. “Just not on our platform,” Michael stated. He further noted, “We entered the crypto space through Bitcoin, and that was our first currency we’ve made available. We have others that are scheduled to come on board as part of the product development. But XRP is not available.” CEO’s remarks on XRP follow the official announcement of Bakkt’s plans to go public.
Bakkt announces to go public.
As reported earlier, Intercontinental Exchange Inc-owned Bakkt announced that it has agreed to go public through a merger with blank-check firm VPC Impact Acquisition Holdings, which would give the cryptocurrency platform an enterprise value of $2.1 billion. The deal is expected to provide Bakkt, founded by outgoing Georgia Senator Kelly Loeffler and backed by Microsoft and Boston Consulting Group, with $207 million in cash and $325 million from other investors, including $50 million from ICE. The U.S. firm is going public as the demand for Bitcoin and other digital tokens from retail investors rise as they look for quick gains in a world of ultra-low yields and negative interest rates.