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

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Bakkt’s common stock and warrants will begin trading on the New York Stock Exchange on October 18. With the ticker codes “BKKT” and “BKKT WS,” respectively.

A combination with VPC Impact Acquisition Holdings, a Chicago-based special purpose acquisition firm, resulted in Bakkt ticker’s public debut. According to an official statement, about 85.1% of shareholders voted in favour of the merger during a shareholders meeting.

“The merged company’s Class A common stock and warrants are expected to commence trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “BKKT” and “BKKT WS,” respectively, following the conclusion of the transaction.”

Furthermore, the business combination netted Bakkt $448 million in gross proceeds. Which will be used to expand the company’s capabilities and relationships.

Collaboration with Google

Bakkt, a cryptocurrency exchange, established a collaboration with Google last week. In order to enable the purchase of products and services using Bitcoin (BTC). As well, other cryptocurrencies through the Google Pay network. The cooperation “is a tribute to Bakkt’s strong position in the digital asset marketplace. In order to allow customers to enjoy their digital assets in a real-time, safe, and dependable manner”, according to Bakkt CEO Gavin Michael.

Bakkt introduced a payments app in March that allows customers to make cryptocurrency purchases; before, the exchange only provided BTC futures contracts to accredited investors.

As a result of a new measure requiring a safe harbour for some token projects, mainstream crypto adoption in the United States is seeing greater backing from politicians.

The Securities Act of 1933 amendment

The “Clarity for Digital Tokens Act of 2021”, sponsored by North Carolina House Representative Patrick McHenry, proposes amending the Securities Act of 1933. This permits projects to provide tokens for up to three years without having to register.

The bill was based on a previous proposal by SEC commissioner Hester Peirce. Who stated that “safe harbour might be the most revolutionary move for the US bitcoin sector to date.”

Intercontinental Exchange’s (ICE) digital asset management subsidiary, Bakkt Holdings, has announced that it would begin trading on the New York Stock Exchange on October 18.

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