Bakkt Set To Expand Its Crypto Offering To Include Ethereum
Digital asset marketplace Bakkt on Friday announced that users and partners will soon be able to buy, sell and hold ether (ETH). Users will also be able to send Ethereum to family and friends through its app. Institutional clients can also choose the Bakkt Warehouse for custody of ether.
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The platform is adding ethereum to bitcoin, which it already offers. With these two coins, its users have access to two cryptocurrencies representing more than half of the total market value of all cryptocurrencies. The company, however, did not give a specific date for when the Ethereum offer will be available to its users.
The U.S. company also offers several other crypto services. They include a monthly bitcoin futures contract, crypto payments with a Visa debit card, as well as a Bakkt card with Apple or Google pay.
Offering Ethereum To Users
Bakkt’s decision to add Ethereum to its offering comes amid growing interest and adoption of cryptocurrencies.
In a survey that the platform conducted, nearly half of respondents said they had bought some form of cryptocurrency within the last year. Others also expressed interest in adopting the asset class before year-end.
ETH price at $4,494.99 | Source: ETHUSD on TradingView.com
Ethereum has become very popular over the years, and it is currently the second-largest crypto with a market cap of approximately $532 Billion.
“By giving users greater opportunities to utilize their digital assets such as Ethereum, including buying, selling, spending, and sending, Bakkt facilitates the flow of digital commerce in line with the company’s mission of connecting the digital economy.”
Speaking on the platform’s latest announcement, CEO Gavin Michael said, “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.”
“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets.”
Bakkt Providing Easy Access To Crypto
The company has been on a mission to expand crypto adoption. It started trading as a public company on the New York Stock Exchange last month following a merger with VPC Impact Acquisition Holdings.
The company partnered with Google in October to allow users to spend their crypto with the Bakkt Visa debit card at all merchants that use Google Pay. It is also using Google Cloud to build new analytics with artificial intelligence, machine learning, and geolocation.
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Also, in October, it partnered with Mastercard to enable institutions to offer a broad set of cryptocurrency solutions and services to customers. This partnership resulted in Bakkt’s shares jumping to more than $25 per share.
Featured image by Financial Times, Chart from TradingView.com