Institutional Crypto Platform Bakkt Expands Services Beyond Bitcoin, Adding First Altcoin to Roster
Digital asset manager Bakkt is expanding its services to support the second-largest crypto asset by market cap.
According to a new press release, Bakkt will support Ethereum, the leading smart contract platform.
Explains Bakkt CEO Gavin Michael,
“At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster.
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 assets.”
Bakkt was formed in 2018 by Intercontinental Exchange which operates clearing houses, marketplaces and regulated exchanges, including the New York Stock Exchange, the largest stock exchange in the world.
Bakkt will soon enable customers to buy, sell and hold Ethereum (ETH) while allowing institutional clients to use the Bakkt Warehouse to custody ETH.
Michael first announced in January that the company had plans to support multiple crypto assets aside from BTC.
We’re pleased to offer the ability to buy, sell, and hold ether (ETH), the cryptocurrency of the Ethereum network, starting soon. https://t.co/ml71eEeXoX #cryptocurrency #ethereum pic.twitter.com/tN4MThWFia
— Bakkt (@Bakkt) November 5, 2021
Ethereum surged to its all-time high of $4,674.90 on Wednesday. ETH is trading at $4,510.87 at time of writing, down 0.5% on the day, according to CoinGecko.
Last month, Bakkt announced a partnership with Google enabling Bakkt customers to use Bakkt Visa debit cards online and in stores wherever Google Pay is accepted.
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