With the SEC’s approval for Bitcoin ETFs, a tidal wave of traditional investors and institutions is poised to enter the crypto market, seeking legitimacy and diversification. Recognizing this shift, crypto platforms like Bakkt are setting their sights on new international markets where clear legal frameworks for cryptocurrencies present fertile ground for expansion.
Bakkt Holdings, one of the crypto solutions providers, is planting its flag in fertile new territories, announcing expansion into key international markets. This strategic maneuver, fueled by recent crypto advancements and regulatory breakthroughs, signals a potential shift in the industry’s center of gravity.
In a statement yesterday, Bakkt confirmed strategic partnerships with stock trading platform Hapi solidifying its presence in Latin America with launches in Brazil and Guatemala as well as Spain, adding to its established operations in Argentina and Mexico.
Their sights are not solely set south, however, as Bakkt proudly unveiled its debut collaboration with digital brokerage Sogo Trade in the vibrant Asian markets of Hong Kong and Singapore, both embracing crypto as a legitimate asset class.
In a statement, Gavin Michael, the CEO of Bakkt, mentioned that international expansion remained a key priority for them in 2024. He expressed the belief that crypto had the power to improve financial inclusivity and connect communities within the global economy. Additionally, he noted that the day marked an exciting new chapter, with their entry into new Asian markets like Hong Kong and Singapore, where the crypto economy was growing rapidly due to recent regulatory clarity.
But Bakkt’s ambitions extend beyond these initial footholds. As announced in 3rd Quarter 2023 earnings, the company is working to extend upcoming ventures into the UK and Australia, showcasing its determination to carve out a global footprint.
Since its 2018 inception, Bakkt has carved a niche by providing institutional-grade solutions for custody, trading, and onramp capabilities, perfectly aligned with the evolving needs of the crypto economy. This expansion comes just weeks after the Bitcoin ETF launch, potentially signifying a ripple effect of increased confidence and wider market access triggered by such landmark events.
Bakkt expanding globally might signal a bigger trend, where cryptocurrency companies move beyond traditional markets, ditching their new-kid image. This not only boosts the acceptance of cryptocurrencies but also integrates them into the global financial picture.
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