Institutional platform Bakkt announced support for the second-largest cryptocurrency by capitalization, Ethereum.
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
“Now, in addition to bitcoin, partners can integrate with the Bakkt platform to enable their users to buy, sell and send Ethereum. Institutional clients can also choose the Bakkt Warehouse for custody of ether.”
Bakkt decided to add ETH because of the growing interest and adoption of cryptocurrencies. Recently conducted Bakkt’s study which included 2000 US citizens finds that almost half of the respondents have invested in one or another cryptocurrency over the past year.
Bakkt CEO Gavin Michael said:
“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.”
In March 2021, the platform launched a mobile application that allows users to store, buy and sell bitcoin. The app is available on iOS and Android.
In June, Bakkt partnered with Sutton Bank to launch a Visa debit card. Later, its holders were able to spend bitcoins through Google Pay.
In August, the company announced a pilot project that allows the fast-food chain Quiznos to accept payments in the BTC.
On October 17, Bakkt announced the completion of its merger with SPAC VPC Impact Acquisition Holdings.