Bakkt To Expand Its Crypto Offering To Include Ethereum In Addition To Bitcoin
Digital asset marketplace Bakkt announced that it will soon let customers buy, sell, and store ethereum after offering only bitcoin since the company’s launch. Adding ethereum comes at a time when digital currency interest and adoption continue to see significant growth, according to the announcement.
Bakkt has announced the company will “soon” offer ethereum (ETH) in addition to bitcoin (BTC). The digital asset manager listed on the New York Stock Exchange (NYSE), as a subsidiary of Intercontinental Exchange (ICE), started offering its products back in August 2018.
The company offers several other crypto services, including a monthly bitcoin futures contract, crypto payments with a Visa debit card, as well as a Bakkt card with Apple or Google pay. Bakkt explained on Friday that customers and the firm’s partners will soon have the ability to buy, sell, and hold ether.
Adding ethereum follows the company’s recently announced partnership with Google “to introduce digital assets to millions of consumers.”
Bakkt went public in mid-October after completing a merger with a firm called VPC Impact Acquisition Holdings. BKKT shares are trading for for $32.61 and the company’s market cap is $845 million at the time of writing. The latest offering will also give institutional clients the ability to leverage the Bakkt Warehouse for custody of ethereum.
Bakkt CEO Gavin Michael commented:
“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 asset.”
The second largest crypto asset by market cap, ethereum, broke a new all-time price high at $4,674 on November 3. Over the last 12 months, ethereum has gained 976% and 24% during the course of the past month. Bakkt’s announcement did not disclose the launch date of when it would offer ethereum services.
ETH/USD Source: CoinGecko
At the time of writing ETH trades at $4,509 with 2.2% gains on a weekly chart.
