Bakkt LLC, the prominent digital exchange marketplace has announced the completion of the merger with VPC Impact Acquisition Holdings [VIH]. The move would help the platform to transition into a publicly listed firm from October 18 this year. Along the same lines, the founding company, Intercontinental Exchange [ICE], revealed that the latest announcement would enable Bakkt holdings to trade publicly under the token name, ‘BKKT’ in the New York Stock Exchange [NYSE].
The official press release further revealed that ICE, which happens to be a global platform for data services and technology solutions, currently retains an astonishing 68% equity stake and a minor fraction of the voting power in the merged entities. Additionally, the financial stake will be regrouped as an equity-based investment and hence would not be incorporated in the ICE’s balance sheets. The resultant proceeds which are expected to generate at least $447 million, would not be included as well in the firm’s revised non-GAAP earnings as per the press release.
The development comes a month after the digital exchange foundation and VPC Impact Acquisition holdings had announced the intention to integrate and unite to form a single public traded entity. Following the request, the US-based regulator Security and Exchange Commission [SEC] finally approved the merger and set the stage for Bakkt holdings, initiating a new chapter in the company’s three-year-old history.
Bakkt’s previous partnerships
Earlier this month, the exchange joined hands with search engine giant Google to expand its reach and bring crypto-assets across a widely targeted audience in the United States and facilitate customers with faster digital transactions. This includes developing new analytics tools such as Artificial Intelligence [AI], Machine learning [ML], and Geolocation function, using Google Cloud’s innovative service to understand users’ individual preferences and demands and accordingly customize loyalty redemption packages.
In a recent development, the Georgia-based firm partnered with Finastra, a financial services-based open digital platform to grant access to Bakkt’s wallets and other use cases to the latter’s community bank customers and other credit unions under the ambit of Fusion Digital Banking solution. Reacting to the collaboration, Phillip Taliaferro of Bakkt stated
“Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace.”
