Bakkt Holdings (a virtual asset marketplace) declared the accomplishment of its union with VPC Impact Acquisition Holdings (a special target acquisition firm). In a 15th October issued press release, Bakkt mentioned that the collective firm, which currently functions under the name “Bakkt Holdings Inc.”, will start its trading through the NYSE (New York Stock Exchange) with BKKT as its ticker symbol from 18th October onward.
Benefits of supporting the business development of Bakkt
Gavin Michael, the CEO of the firm, stated that the required capital for supporting the continuous innovation of Bakkt was provided by the merger. He added that their venue would carry on modifying the marketplace of virtual assets within which it runs. He also described that they are thrilled for having the chance to boost up their growth, scale as being a public firm, and innovation. Their focus, he elaborated, will be to construct a vast-level partner ecosystem by having partnerships with prominent firms across the industry such as Starbucks, Finastra, Google, Wyndham Rewards, Choice Hotels, and others of their type.
The consequence of the business combination brought out the profits up to an amount of $448M to Bkkt. The firm expects to utilize these funds to make improvements to the platform thereof, assist marketing struggles, and grow present as well as future collaborations that may likely increase its progression.
The latest payment rail and partnerships of Bakkt
As per Michael, the conversion of virtual coins like BTC (Bitcoin) into cash could potentially provide access to more than $1.2T in these virtual assets’ stored value. Michael, during an interview conducted in August by Pymnts, revealed that they are doing their best to turn into a unique payment rail capable of allowing consumers to have access to those assets’ liquidity that usually has not had linked liquidity.
Previously in this year, collaboration with Quiznos was also announced by Bakkt, which permitted the users to choose restaurants within Denver to buy meals via utilizing BTC (Bitcoin). Sheela Zemlin (the chief revenue officer of Bakkt) uncovered that there is a chance for the service to expand its scope to more Quiznos locations on the basis of the accomplishment of the initial pilot project. Recently, the platform also collaborated with Google. After the contract, the support will be added by Google Pay to Bakkt Visa debit cards, by which the customers will be permitted to recompense for their online shopping via utilizing virtual assets.