Bakkt sheds more than 6% on first of public trading

October 19, 2021 Coin Telegraph

Bakkt

The price of BKKT contracted by more than 6% during its first day of public trade.

Bakkt ($BKKT), an institutional and retail-facing digital asset platform founded by Intercontinental Exchange, has suffered a drawdown of -6.4% after closing a volatile first day of trading as a publicly listed company.

After launching on the New York Stock Exchange (NYSE) at $9.45 on the morning of Oct. 18, BKKT rose by roughly 3.3% up to $9.77 during its first 30 minutes of trading. However, traders quickly moved to take profits, causing prices to slump by -9.5% down to $8.84 followed by lunchtime.

According to Bloomberg, BKKT was trading at $8.76 by the day’s close after having shed almost -7% from its opening.

Bakkt went public via a merger deal with a special purpose acquisition company (SPAC), VPC Impact Acquisition Holdings on Oct. 15.

Bakkt initially launched in 2018 as a cryptocurrency custodian. The firm has since pivoted to launch institutional-facing bitcoin futures contracts and a retail crypto asset payments app.

Bakkt is not Intercontinental Exchange’s first foray into cryptocurrency, with the firm having participated as a lead investor in Coinbase’s Series C $75 million funding round in January 2015

Like Bakkt, Coinbase posted a bearish performance for its first day of public trading, shedding -13.8% from a starting price of $381 over the course of the day. Intercontinental Exchange sold their stake in Coinbase for $1.2 billion during the first quarter of 2021.

Earlier this month, Bakkt announced partnered with Google to enable its retail app users to make payments from their digital asset balances using Google Pay.

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Bakkt

From Oct. 18, Bakkt's common stock and warrants will be listed on NYSE under the ticker symbols “BKKT” and “BKKT WS” respectively.

The public listing for Bakkt ticker comes as a result of a merger with VPC Impact Acquisition Holdings, a Chicago-based special purpose acquisition company. According to an official statement, a shareholders meeting regarding the merger saw approximately 85.1% approval for the business combination:

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

Additionally, the business combination resulted in gross proceeds of approximately $448 million to Bakkt, which is planned to be reinvested in growing the company's capabilities and partnerships.

Just last week, Bakkt crypto exchange announced a partnership with Google to allow the purchase of goods and services using Bitcoin (BTC) and other cryptocurrencies via the Google Pay platform. According to Bakkt CEO Gavin Michael, the partnership “is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner.”

Back in March, Bakkt launched a payments app that allows users to make purchases via cryptocurrencies, prior to which the exchange offered BTC futures contracts exclusively to accredited investors.

Mainstream crypto adoption in the United States sees increased support from lawmakers as a new bill demands a safe harbor for certain token projects.

A new draft bill proposed by North Carolina House Representative Patrick McHenry, “Clarity for Digital Tokens Act of 2021,” suggests the amendment of the Securities Act of 1933 that allows projects to offer tokens without registering for up to three years.

The bill was based on an older initiative from SEC commissioner Hester Peirce in which highlighted that “safe harbor could be the most groundbreaking development for the U.S. cryptocurrency market to date.”

Bakkt Holdings, the digital assets management arm of Intercontinental Exchange (ICE), has announced to soon become a publicly-traded company on the New York Stock Exchange from Oct. 18.

Bakkt crypto exchange partners with Google for payments

October 11, 2021 Coin Telegraph

Bakkt

Millions of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at a variety of stores and online markets.

Users who hold debit cards issued by cryptocurrency exchange Bakkt will be able to convert their crypto balances to make fiat payments using Google Pay.

In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”

“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” said Bakkt CEO Gavin Michael.

According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership follows major crypto exchange Coinbase's June announcement that Apple Pay and Google Pay would offer support for its Coinbase Card. Gemini has allowed its users to purchase crypto with Apple Pay and Google Pay since April.

Launched by the Intercontinental Exchange in 2018, Bakkt first offered BTC futures contracts exclusively to accredited investors. In March, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”

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Bitcoin and Submarine Sandwiches: Quiznos Restaurant to Pilot Payments via the Bakkt App

August 3, 2021 Bitcoin.com

Bakkt Has Partnered With Quiznos on Bitcoin Payments

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BTC payments coming to certain Quiznos shops, thanks to Bakkt collaboration

August 3, 2021 Coin Telegraph

Adoption

Quiznos customers will soon be able to pay in Bitcoin via Bakkt's app at certain Colorado locations.

An upcoming collaboration between Bakkt and Quiznos will allow customers to pay for meals at certain locations with Bitcoin (BTC).

Customers will be able to pay in BTC at certain Quiznos shops in Colorado’s capital as part of an initial test run, according to a public statement on Tuesday. “The pilot will be available at select Quiznos locations across the Denver market, including the high-traffic Denver airport location, starting in mid-August,” the statement said.

Folks will be able to pay with Bitcoin via Bakkt’s app — a versatile hub for holding and spending Bitcoin, as well as managing reward points and other features. Quiznos is owned by REGO Restaurant Group. REGO’s president, Mark Lohmann, said in a statement:

“Partnering with an innovative platform such as Bakkt is appealing to us for a number of reasons, primarily because it allows us to accept bitcoin directly at the point of sale as part of a quick and seamless transaction [...] As we continue our digital transformation journey and respond to mobile and millennial consumer demand for alternative and cryptocurrency payment options, we are excited to offer yet another accessible way for customers to buy a meal, in this case, through the Bakkt digital asset wallet.”

The test run comes with an extra perk as well. Quiznos goers will earn $15 of free Bitcoin if they get Bakkt’s app, purchase some BTC on it and then spend that BTC at a participating Quiznos shop, the statement included.

“Through a partnership with Bakkt, merchants and franchisees have the opportunity to accept bitcoin payments from consumers while still benefiting from a cash-settled experience,” the statement said. The statement was not clear on whether or not Quiznos would sell the received BTC right away.

Cointelegraph reached out to Bakkt for comment but did not receive a response in time for publication.

Bakkt

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