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Another Crypto Company to Trade on NYSE Soon

It appears to be a week of good news for the crypto community as another crypto company prepares to go live on the stock market. Bakkt, a crypto financial services company founded in 2018 and headquartered in Atlanta, has announced that it would go live on the New York Stock Exchange on Monday. Bakkt is set to be listed under two sticker symbols; BKKT and BKKT WS.

Bakkt Holdings, established to give users a platform to purchase, sell, and store digital assets, is an arm of top financial giants, Intercontinental Exchange (ICE), tasked with the management of digital assets. Bakkt will become a publicly traded company from Monday, giving investors a wider range of investment options to explore the crypto market.

Bakkt had announced on Friday that it was merging with VPC Impact Acquisition Holdings to further its business interests. VPC Impact Holdings is a Chicago-based finserv firm, completed the merger after an overwhelming vote of 85.1% made the decision. The merger is expected to generate about $448 million for Bakkt; the money has been earmarked for developmental investments and partnerships.

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Recall that just last week, Bakkt had announced a partnership with the foremost internet giants Google, to implement a payment platform that will allow users to purchase products and services with bitcoin. In his statement after the merger, Bakkt CEO Gavin Michael said that Bakkt’s merger with Google was a testament to its strong position in the digital financial industry and its commitment to providing clients with safe and reliable access to digital assets.

Bakkt started out by offering exclusive Bitcoin futures trading to approved investors. Later in March this year, Bakkt began offering payment services through its app, helping people to buy goods and services with cryptocurrencies.

Cryptocurrency Adoption in the U.S.

There is an increasing adoption of cryptocurrencies in the US, despite the government making moves to regulate the industry. Bakkt had reached an agreement with Quiznos earlier this year to deploy a pilot program that will allow customers to pay for food with bitcoin in select restaurants across the US. Bakkt said that the success of the pilot program will influence further opinions and actions regarding further deployment.

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Several crypto ETFs have reportedly received approval from the SEC and are set to go live on Monday when the NYSE opens. This comes as senators are pushing for regulations that will make digital tokens safe for the economy. It is expected that more mergers between finsev companies will be seen in the coming months as the push for more adoption intensifies.

The market responded positively to the announcement that the SEC approved the first Bitcoin ETF. Cryptocurrencies combined market cap pumped beyond $2.5 trillion this week and bitcoin soared above $60, 000 for the first time since May. Further collaborative efforts to develop payment platforms through which users can buy goods with cryptocurrencies will surely increase the success of bitcoin in the U.S.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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