Crypto finserve Bakkt to soon trade publicly on New York Stock Exchange

Bakkt Holdings (the digital assets management arm at Intercontinental Exchange) has announced that it will soon be a publicly traded company on the New York Stock Exchange starting Oct. 18.

Bakkt’s public listing is the result of a merger between VPC Impact Acquisition Holdings (a Chicago-based special purpose acquisition firm) and Bakkt. Officially, the company announced that 85.1% of shareholders approved the merger at a meeting.

“Upon closing, the combined company’s Class A common stock (and warrants) are expected to trade on the New York Stock Exchange (“NYSE”) under ticker symbols “BKKT WS” and “BKKT WS” respectively

Bakkt also received gross proceeds of $448 million from the business combination. These funds will be used to expand the company’s capabilities, partnerships, and other investments.

Bakkt, a crypto exchange, announced last week a partnership with Google that would allow users to purchase goods and services via Bitcoin (BTC), and other cryptocurrencies through the Google Pay platform. Gavin Michael, Bakkt CEO, stated that the partnership is a testament to Bakkt’s strong position on the digital asset market, and will empower consumers to enjoy digital assets in a reliable, real-time, secure and reliable way.

Bakkt introduced a payment app in March that allows users to buy cryptocurrencies. Previously, the exchange only offered BTC futures contracts to accredited investors.

Related: US lawmaker proposes safe harbor for digital tokens in new bill

As a result of a new bill, which requires a safe harbor for certain tokens projects, mainstream crypto adoption in the United States is seeing increased support from lawmakers.

North Carolina House Representative Patrick McHenry has proposed a new bill, the “Clarity for Digital Tokens Act of 2021,” which would amend the Securities Act of 1933 to allow projects to offer tokens to customers without having to register for more than three years.

This bill was inspired by an earlier initiative of Hester Peirce, SEC commissioner. It highlighted that “safe harbour could be the most innovative development for the U.S. crypto market to date.”

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