Bakkt digital asset market on Friday announce 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 Bakkt Warehouse to guard ether.
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The platform is adding Ethereum to Bitcoin, which it already provides. With these two blocks, its users can access two cryptocurrencies that account for more than half of the total market capitalization of all cryptocurrencies. However, the company has not given a specific date when the Ethereum offering will be available to its users.
The American company also offers many other encryption 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.
Introducing Ethereum to Users
Bakkt’s decision to add Ethereum to its offering comes amid growing interest and adoption of cryptocurrencies.
in a survey conducted by the platform, nearly half of the respondents said they had purchased some form of cryptocurrency within the past year. Others have also expressed interest in adopting the asset class before the end of the year.
ETH price at $4,494.99 | Source: ETHUSD on TradingView.com
Ethereum has become very popular over the years and is currently the second largest cryptocurrency with a market capitalization of around $532 billion.
“By giving users greater opportunities to use 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 to connect the digital economy.”
Speaking about the platform’s recent announcement, CEO Gavin Michael said: “At Bakkt, providing users with flexible opportunities 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 the addition of Ethereum will complement our growing ecosystem of partners and assets.”
Bakkt provides easy access to encryption
The company was on a mission to expand the adoption of crypto. It began trading as a public company on the New York Stock Exchange last month after its merger with VPC Impact Acquisition Holdings.
The company partnered with Google in October to allow users to spend their cryptocurrency using the Bakkt Visa debit card at all merchants using Google Pay. It also uses Google Cloud to create new analytics using artificial intelligence, machine learning, and geolocation.
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Also, in October, it partnered with Mastercard to enable organizations to offer a wide range of cryptocurrency solutions and services to customers. This partnership saw Bakkt shares rise to more than $25 per share.
Featured image by Financial Times, Chart from TradingView.com