On November 5, Bakkt Holdings announced that the company will soon allow customers to buy, sell and store Ethereum after only offering bitcoin since the company’s launch. The company notes that the addition of Ethereum comes at a time when interest in and adoption of the digital currency continues to generate significant growth.
Bakkt announces support for Ethereum
Bakkt (NYSE: BKKT) has announced that the company will “soon” offer Ethereum (ETH) in addition to the Bitcoin (BTC) offering. The New York Stock Exchange (NYSE) listed digital asset manager, as a subsidiary of the Intercontinental Exchange (ICE), began offering its products three years ago in August 2018. Bakkt explained Friday that clients and company partners will soon have the ability to buy, sell and hold ether.
The addition of ethereum follows the company’s recent partnership with Google “to bring digital assets to millions of consumers.” Furthermore, the company went public in mid-October after completing a merger with a company called VPC Impact Acquisition Holdings. BKKT shares are swapped for $32.61 and the company has a market capitalization of $838.82 million on November 5. The latest offer will also give institutional clients the ability to take advantage of the Bakkt repository to guard Ethereum.
“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 CEO Gavin Michael said in a statement Friday.
Meanwhile, the Ethereum (ETH) market recently hit an all-time high of $4,674 on November 3. Ethereum is the second largest market by value with $530 billion on Friday and 18.7% of the $2.8 trillion crypto economy. Over the past 12 months, Ethereum has gained 976% and 24% over the past month. Bakkt’s announcement did not reveal the launch date on which it will offer ethereum services.
What do you think about Bakkt adding Ethereum in addition to Bitcoin services? Tell us what you think about it in the comments section below.
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