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Bakkt Announces Support for Ethereum for Retail and Institutional Clients


thecoinrise.com 05 November 2021 15:02, UTC
Reading time: ~2 m

American digital asset trading platform Bakkt Holdings Inc has announced it has extended its capabilities to include Ethereum (ETH), the world’s second-largest digital currency by market capitalization. With the new capabilities, the firm launched, its customers can now buy, sell and store Ethereum, the same way they do Bitcoin (BTC).

Bakkt’s decision to integrate Ethereum into its platform is fueled by many reasons chief amongst which is the readiness of Americans to dive into the digital currency ecosystem by year-end. In its recent study dubbed the ‘US Consumer Crypto Survey’, Bakkt discovered that close to half of the respondents affirmed they have purchased some kinds of digital currency in the past year, with much more expressing readiness to invest in crypto before the end of the year.

The safest way to start off in the crypto ecosystem is to invest in Bitcoin and Ethereum, and the integration for the latter makes Bakkt in a pole position to gain additional customers that are bound to enter into the ecosystem.

“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 CEO 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 to Permit Institutional Buyu-up and Custody for Ethereum

The integration of Ethereum is also billed to serve the interests and needs of institutional investors who may want to gain exposure to digital currency. According to the trading firm, its merchants, and partners can integrate with the Bakkt platform to enable their users to buy, sell and send Ethereum. 

Additionally, the exchange noted that its institutional clients can also choose the Bakkt Warehouse for custody of ether. The broad capabilities for Ethereum that Bakkt is offering will also permit all of its users to spend the digital currencies, in a bid to drive increased utility for the cryptocurrency.

As the adoption and embrace of digital currencies continues across the board, several industry players and service providers have been exploring avenues to tap into the expanding markets. Besides Bakkt, TheCoinRise also reported the integration of Bitfinex Pay into the Metamask wallet as the demands for digital currencies soar.

Several marketplaces are also actively expanding their services in a bid to catch the growing trend of crypto adoption.

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