Why Bakkt Rules Out Support for Ripple’s XRP?

US-based cryptocurrency company, Bakkt has ruled out support Ripple’s XRP as part of its further product development, according to the CEO.

January 12, 2020 | AtoZ Markets Ripple’s XRP token is not a candidate for future listings on Bakkt, an institutional Bitcoin derivatives trading platform. Gavin Michael, the company’s new CEO, spoke about this in the Axios Re podcast .

Bakkt won’t support XRP due to SEC lawsuit against Ripple

According to Michael, the platform is planning to expand and will soon become public.

“We entered the crypto sphere through bitcoin, but are now considering other cryptocurrencies as part of creating new products. However, our activities are strictly regulated, so the Ripple token is not among them, ”said CEO Bakkt.

The major crypto exchanges OKCoin and Coinbase have suspended XRP trading after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple last December.

Read also: Coinbase Sued in California For Illegal Sale Of XRP

Also, earlier trading in token for US residents was stopped by the Galaxy Digital , Bitstamp and B2C2 platforms .

Bakkt is overseen by the SEC and the Financial Crimes Enforcement Network (FinCEN). Michael said the company is focused on regulatory compliance.

“We believe in the need to regulate cryptocurrency products to continue their introduction into the financial system. We strive to accelerate the transition to digital assets,” he said.

As reported on January 8, the company is planning for a public listing with a merger with blank-check acquisition firm VPC Impact Acquisition Holdings.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment