Copy link
Increase text size
Decrease text size
Link copied

ICE’s cryptocurrency exchange Bakkt to go public with $2.1B valuation

Crypto exchange Bakkt will be traded at the NYSE after merging with VPC Impact Acquisition Holdings.

NYSE Building / Image by: Wikimedia Commons

Wed, 13 Jan 2021, 12:29 pm UTC

Bitcoin futures exchange Bakkt will soon become a publicly-traded company via a merger with VPC Impact Acquisition Holdings. The surviving entity will have a valuation of around $2.1 billion and will be listed at the New York Stock Exchange.

Bakkt, the cryptocurrency exchange launched in 2018 by the Intercontinental Exchange, Inc. (ICE) will be merging with a special purpose acquisition company by Victory Park Capital called VPC Impact Acquisition Holdings, according to an announcement published at Businesswire. The combined company will be listed at the NYSE and will be renamed Bakkt Holdings, Inc.

The crypto exchange also plans to raise an additional $582 million in capital, according to Bitcoin.com. This will be done by a combination of contributions from ICE, leveraging VPC Impact’s existing cash, and private placements.

The funds will likely be used to develop new consumer applications for cryptocurrencies. Bakkt plans to expand its business model with the planned app that will help clients manage their crypto holdings as well as a new reward and loyalty system that is set for launch this March.

Gavin Michael was appointed the new Bakkt CEO effective January 11, 2021. Michael replaced David Clifton who will join the crypto exchange’s Board of Directors after the merger is completed.

“The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them,” Gavin Michael said. “I’m excited to join the management team of a company, at this important time in its expansion, whose vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”

“For the past 20 years, I’ve been privileged to work with great people to bring one great company to the public markets and watch it grow from there, and today I’m equally proud to see another great idea born within ICE, and shepherded by another great team, enter into a transaction that will allow it to become publicly traded,” ICE founder and CEO Jeffrey C. Sprecher said. “I’m thrilled we were able to partner with the fintech experts at VPC on this pathbreaking deal and look forward to watching Gavin and his colleagues bring Bakkt to the next level.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $47,922.00 (-6.71%)
  • Ethereum (eth) $1,541.34 (-6.19%)
  • Cardano (ada) $1.21 (+4.12%)
  • Binance Coin (bnb) $234.20 (-9.91%)
  • Tether (usdt) $1.00 (+0.92%)
  • Bitcoin (btc) $47,922.00 (-6.71%)
Feb 26, 2021 (Friday)
15:34
BTC Surges by 1.31% Within 5 Mins, Marking 46,933.21 USDT
13:58
BTC Drops by 1.07% Within 5 Mins, Marking 46,102.3 USDT
10:53
Cryptocurrency Mining Possibilities Under Consideration In Belarus
10:00
BTC Tops List Of Crypto Net Outflow With $1.33 Bln In Past 18 Hours
09:18
CoinNess DeFi Report: Assets Locked In DeFi Mark $50.23 Billion
09:07
BTC Surges by 1.41% Within 5 Mins, Marking 45,964.43 USDT
09:06
Matrixport Announces Integration With Aave Protocol
09:03
The U.S. 10-year treasury bond yield fell 6 basis points to 1.45%.
09:00
Huobi Futures has adjusted the rules of funding rate and premium deviation for DOGE/USDT swaps and ZKS/USDT swaps, and the price limit mechanism for ZKS/USDT swaps.
08:58
NFT Collector Whale Shark Donates 1M WHALE To Charitable Trust
08:25
HM Treasury’s UK Fintech Review Calls For New Crypto-Assets Regime
08:14
DeFi Alliance Launches $15 Million Startup Investment Fund
08:11
Cream Finance tweeted, "Proposal passed! $UST will be added to C.R.E.A.M. on #Ethereum."
07:35
BTC Drops by 2.37% Within 5 Mins, Marking 44,575.3 USDT
07:16
BTC Drops by 1.07% Within 5 Mins, Marking 45,811.64 USDT
06:58
EIP-1559 Performance Test: 6426 Blocks Process In 22 Hours
06:42
OKEx To Suspend Deposit And Withdrawal Of ADA
06:40
Flare To Integrate $XLM As An F-Asset
06:14
SparkPool tweeted to appose EIP-1559.
06:13
24H Trading Volume Of Uniswap Tokens Marks $1.04 Bln
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft