Bakkt becomes the latest to turn its back on Ripple
By Bob Garcia
The cryptocurrency platform is set to go public soon, but won’t support XRP
The Bakkt cryptocurrency platform is finally getting what it wants and is about to become a publicly-traded company. It has worked out a deal with VPC Impact Acquisition Holdings that will see it become available on public stock markets, and the recent gains seen of the top digital currencies should bolster the platform’s appearance in trading. However, it doesn’t plan on embracing all of the top crypto and has admitted that Ripple (XRP) is not going to be on the platform.
Bakkt CEO Gavin Michael confirmed the absence of XRP during a recent Axios podcast, where he talked about the rise in value of Bitcoin (BTC), Ethereum (ETH) and others, as well as how the adoption of digital currency as a fiat alternative is progressing. He added about XRP, “We entered the crypto space through Bitcoin, and that was our first currency we’ve made available. We have others that are scheduled to come on board as part of the product development. But XRP is not available.”
Michael didn’t specifically state that the decision to avoid XRP was a result of the blockchain’s ongoing issues with the Securities and Exchange Commission (SEC), but it wouldn’t be difficult to connect the dots. Ripple is now facing a massive billion-dollar lawsuit brought against it by the SEC, as well as several other investor-led lawsuits that have cropped up. As a result of the negative attention, several crypto exchanges have already delisted XRP and others are likely to follow suit. Only a small handful, including Uphold, have decided to hang on until the issues with the SEC are worked out.