Digital Asset Management Company Bakkt Reveals Plans to Provide Ethereum Services

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Digital Asset Management Company Bakkt Reveals Plans to Provide Ethereum Services
Digital Asset Management Company Bakkt Reveals Plans to Provide Ethereum Services

Ethereum has been receiving a lot of attention recently following NFT and DeFi growth causing it to hit a new all-time high above $4,600 on Wednesday (3th of November).

Bakkt Announces Support for Ethereum

According to an announcement on November 5, Bakkt Holdings stated that the company will soon be allowing its customers to buy, sell and store Ethereum after offering Bitcoin service since the launch of the company. The company noted that it added Ethereum at a time when interest and digital currency adoption continued to surge.

Bakkt (NYSE: BKKT) announced that the company will “soon” offer Ethereum (ETH) in addition to Bitcoin (BTC). The Digital Asset Management Company, listed on the New York Stock Exchange (NYSE), is a subsidiary of the Intercontinental Exchange (ICE) and began offering its products three years ago in August 2018. Bakkt stated on Friday that customers and corporate partners will soon have the ability to buy, sell and hold ether.

After the company recently partnered with Google to “bring digital assets to millions of consumers,” Ethereum was added. In addition, the company went public in mid-October after merging with a company called VPC Impact Acquisition Holdings. The conversion price of BKKT stock was $32.61 and the market value of the company on Nov. 5 was $838.82 million. The latest offering will also allow institutional customers to use Bakkt Warehouse to host Ethereum.

Bakkt CEO Gavin Michael said in a statement on Friday, “Bakkt users have already enjoyed the app’s ability to use Bitcoin and we believe the Ethereum we have added will become an integral part of our growing partner and asset ecosystem.”

At the same time, the Ethereum (ETH) market recently hit a record high of $4,674 on November 3rd. Ethereum is the second-largest market with a market cap of $530 billion as of Friday, accounting for 18.7% of the crypto economy of $2.8 trillion. Over the past 12 months, Ethereum is up 976% and 24% respectively over the last month. Bakkt’s announcement did not disclose when the Ethereum service will be deployed and the release date.