Intercontinental Exchange’s (ICE) digital asset management arm, Bakkt Holdings, has announced that it would begin trading on the New York Stock Exchange on October 18.
A merger with VPC Impact Acquisition Holdings, a Chicago-based special purpose acquisition business, resulted in the Bakkt ticker’s public listing.
According to an official announcement, the merger was approved by about 85.1 percent of shareholders during a shareholders meeting:
“Upon closing, the combined company’s Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “BKKT” and “BKKT WS” respectively”
Additionally, the business combination netted Bakkt roughly $448 million in gross profits, which will be used to expand the company’s capabilities and alliances.
Bakkt, a cryptocurrency exchange, established a partnership with Google last week to enable the purchase of products and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay network.
The agreement “is a tribute to Bakkt’s strong position in the digital asset marketplace, to empower customers to enjoy their digital assets in a real-time, safe, and dependable manner,” according to Bakkt CEO Gavin Michael.
Bakkt released a payments app in March that allows customers to make cryptocurrency purchases; previously, the exchange only sold BTC futures contracts to accredited investors.
As a result of a new measure requiring a safe harbour for some token projects, mainstream crypto adoption in the United States is seeing more backing from lawmakers.
The “Clarity for Digital Tokens Act of 2021,” sponsored by North Carolina House Representative Patrick McHenry, proposes amending the Securities Act of 1933 to allow projects to offer tokens without registering for up to three years.
The bill was based on an earlier proposal from SEC commissioner Hester Peirce, who stated that “safe harbour could be the most revolutionary move for the US bitcoin market to date.”
