US-based Crypto Firm Bakkt to Add Ethereum to its Offerings

Bob Coiney

November 8, 2021

Crypto platform has only been involved in Bitcoin since it launched in 2018 as a crypto custodian, but in a series of changes, the platform announced that it would soon incorporate the second most valuable cryptocurrency by market capitalization, Ethereum, to its list of offerings. 

Bakkt allows its users to buy, sell, sell and send several digital assets. A Bitcoin futures trading service, a smartphone app that allows users to spend their Bitcoin at stores, and a Visa debit card are among the cryptocurrency services offered by the American firm.

With this latest announcement, Bakkt will now be able to provide customers access to two cryptocurrencies, comprising more than half of the entire market value of all cryptocurrencies, with the addition of Ethereum to its existing capabilities with bitcoin.

Growing Crypto Demand

Bakkt’s integration of Ethereum comes at the same time when cryptocurrencies are gaining popularity and usage. Bakkt reported nearly half of respondents had purchased some type of cryptocurrency in the previous year in its “U.S. Consumer Crypto Survey”2, highlighting the growing popularity of cryptocurrencies. Many non-adopters indicated an interest in converting to the asset class before the end of the year.

Ethereum, in particular, has increased in popularity over the last year and now ranks second only to bitcoin in terms of market share. Bakkt supports the flow of digital commerce by giving consumers more chances to use their digital assets, such as Ethereum, for buying, selling, spending, and sending. Since its launch, Bakkit has worked towards connecting the entire digital community by being a hub for economic activities.

Speaking of the recent development, Bakkt CEO Gavin Michael said in a statement.

 “At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster.” 

Members will be able to purchase and sell Ethereum, mail it to friends and family via the app, and spend it in stores using the debit card, which was launched in June. Also, Institutional clients of Bakkt can use the company’s custody service to hold Ethereum. The Alpharetta Georgia-based crypto firm did not specify when consumers would be able to trade in Ethereum.

Bakkt has Been Active

Following a merger with VPC Impact Acquisition Holdings, Bakkt became a publicly traded business last month. Its identifier is “BKKT” on the New York Stock Exchange, where it trades. 

In October, the business announced a partnership with Google that will allow customers to spend cryptocurrency using the Bakkt Visa debit card at the millions of retailers that accept Google Pay around the world. Furthermore, the crypto platform is also experimenting with new digital trends such as artificial intelligence, machine learning, and geolocation on the Google Cloud. One can only expect more attention-grabbing activities from the US-based firm.