Bakkt crypto exchange to debut on stock markets via SPAC

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The Intercontinental Trade, the operator the New York Inventory Trade and institutional cryptocurrency exchange Bakkt, announced a offer that would see its crypto arm outlined on the inventory marketplaces.

As described by the Wall Avenue Journal, Bakkt is set to merge with VPC Affect Acquisition Holdings, buying and selling underneath the ticker VIH. VPC is a so-called “particular objective acquisition firm,” or SPAC. It is a shell organization whose only purpose is to acquire or merge with an additional corporation and allow it to be mentioned on the inventory markets without going as a result of the lengthy and high priced system of an initial community providing.

Bakkt is expected to be valued at $2.1 billion right after completing the merger. The trade will also increase an additional $532 million to assist the growth of Bakkt Application, a retail-centric wallet and rewards application.

Rumors of the acquisition surfaced earlier in January, as noted by Cointelegraph. Bakkt has seen an uptick in quantity this 12 months, publishing many consecutive records. Nonetheless, it has a much smaller crypto market presence than its rival CME.

The tale is continue to establishing.