Bakkt is about to launch ETH trading on its platform, which previously only offered Bitcoin

Public Companies • November 5, 2021, 3:38PM EDT

On November 5, crypto platform Bakkt announced that it would incorporate Ether onto its platform, which had previously limited offerings to Bitcoin.

A representative for the firm told The Block that “We have received all required approvals and have already built the necessary technology to begin offering Ethereum on the Bakkt platform. These capabilities will be live on the platform in the next few weeks.”

Bakkt's platform allows users to buy and sell crypto and send it to other platform users, but not withdraw it to third-party wallets.

In addition to its retail offerings of Bitcoin and, soon, Ether, Bakkt has derivatives trading and custody servicers available to institutional investors.

Bakkt went public on the NYSE through a SPAC in mid-October. As of publication time, BKKT is up almost 9% on the day.

About Author

Kollen Post is a senior reporter at The Block, covering all things policy and geopolitics from Washington, DC. That includes legislation and regulation, securities law and money laundering, cyber warfare, corruption, CBDCs, and blockchain’s role in the developing world. He speaks Russian and Arabic. You can send him leads at [email protected].