Digital Asset Manager Bakkt Reveals Plans to Provide Ethereum Services

On November 5, Bakkt Holdings announced that the firm will soon let customers buy, sell, and store ethereum after offering bitcoin only since the company’s launch. The firm notes that adding ethereum comes at a time when digital currency interest and adoption continue to see significant growth.

Bakkt Announces Ethereum Support

Bakkt (NYSE: BKKT) has announced the company will “soon” offer ethereum (ETH) in addition to offering bitcoin (BTC). The digital asset manager listed on the New York Stock Exchange (NYSE), as a subsidiary of Intercontinental Exchange (ICE), started offering its products three years ago in August 2018. Bakkt explained on Friday that customers and the firm’s partners will soon have the ability to buy, sell, and hold ether.

Adding ethereum follows the company’s recent partnership with Google “to introduce digital assets to millions of consumers.” Furthermore, the firm went public in mid-October after completing a merger with a firm called VPC Impact Acquisition Holdings. BKKT shares are swapping for $32.61 and the company’s market valuation is $838.82 million on November 5. The latest offering will also give institutional clients the ability to leverage the Bakkt Warehouse for custody of ethereum.

“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 CEO Gavin Michael said in a statement on Friday.

Meanwhile, ethereum (ETH) markets have recently tapped an all-time price high at $4,674 on November 3. Ethereum is the second-largest market by capitalization with $530 billion on Friday and 18.7% of the $2.8 trillion crypto economy. Over the last 12 months, ethereum has gained 976% and 24% during the course of the past month. Bakkt’s announcement did not disclose the launch date of when it would offer ethereum services.

What do you think about Bakkt adding ethereum in addition to bitcoin services? Let us know what you think about this subject in the comments section below.

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