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With the integration of Ethereum, Bakkt has bolstered its offerings in anticipation of the influx that is billed to be experienced.
Digital currency brokerage firm Bakkt Holdings Inc (NYSE: BKKT) has integrated support for Ethereum (ETH), the world’s second-largest digital currency, and has unveiled a number of offerings available to its growing user base. As announced by the firm, the new support for Ethereum will afford users the ability to buy, sell, and hold the digital currency when it becomes fully available on the platform.
Ethereum is an established blockchain network, one that can be said to be the father of Decentralized Finance (DeFi), and Non-Fungible Token (NFT) innovation sweeping the market. The network is powered by the Ether coin which now accounts for as much as 19.6% of the global crypto market cap.
The integration of Ethereum presents an avenue for Bakkt to expand the accessibility to digital currencies for its customers, and extend its footprint as a one-stop-shop for digital assets. This positioning is vital for Bakkt as Americans are exploring avenues to engage with digital currencies.
This is a matter of fact as Bakkt’s own survey revealed that up to 50% of respondents have acquired some form of digital currencies in the past year. Additionally, the survey showed that many non-adopters also expressed interest in adopting the asset class before year-end. With the integration of Ethereum, Bakkt has bolstered its offerings in anticipation of the influx that is billed to be experienced.
“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,” said Bakkt Chief Executive Officer, Gavin Michael. “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.”
Bakkt Offerings: Enough to Drive Retail Interest?
The United States of America has one of the most robust and growing digital currency ecosystems in the world. The past year has ushered in a number of possibilities as the crypto ecosystem continues to be boosted by influencers including Elon Musk, and Mark Cuban amongst others.
From the positivity in sentiment surrounding Bitcoin to the hype that is associated with such meme coins as Dogecoin (DOGE), and Shiba Inu (SHIB), the potentials for massive gains through investment in these assets is billed to continually drive interest amongst investors in the US and around the world.
There are numerous trading platforms operating in the United States, including big names like Coinbase Global Inc (NASDAQ: COIN) and Kraken, both of which have support for many digital assets. The competitive landscape of exchanges in the US casts doubts on the capabilities of Bakkt to maintain the larger market share with its Bitcoin and Ethereum support.
Not minding the challenges of this competition, through the announcement, Bakkt said institutional service rendering and custody solutions will also be provided for Ethereum, an offering that can afford it the opportunity to carve a niche for itself in the broader demand for these top digital assets.