Bakkt crypto platform this Monday officially disclosed information about its readiness to be listed on the New York Stock Exchange by merging with another company.
To enter the stock market, Bakkt teamed up with VPC Impact Acquisition Holdings, which conducted an initial public offering (IPO) in September 2020. The resulting entity was named Bakkt Holdings, Inc. and is valued at $2.1 billion.
As part of the initiative, Bakkt also appointed a new CEO – former Citi manager Gavin Michael. In this position, he will replace interim CEO David Clifton, who will join the Board of Directors of combined Education.
Bakkt also today announced new details of the Bakkt Cash retail application being prepared for launch. Its release is scheduled for March this year. According to the company, over 400,000 people have already applied for access to the app. Earlier it was reported that the integration of Bakkt Cash will be carried out by the Starbucks coffee chain, thanks to which its customers will be able to replenish their wallets with cryptocurrency.
Bakkt was launched in 2018 and specializes in trading regulated bitcoin futures. The platform is owned by Intercontinental Exchange, which is also the operator of the New York Stock Exchange.
Information that Bakkt may soon acquire public status first appeared last week.