Bad News For Ripple (XRP) From Popular Stock Market.
Gavin Michael, the new CEO of the bitcoin trading platform Bakkt, has announced whether XRP will be backed by the cryptocurrency exchange.Gavin Michael, CEO of the popular stock exchange Bakkt, announced that the company plans to add new cryptocurrencies in a program he attended. However, Ripple-linked XRP is not among these currencies:
“We entered the cryptocurrency space through Bitcoin (BTC) … There are more cryptocurrencies planned as part of product development, but XRP is not among them.”
“We Are Strictly Regulated”
Several exchanges, including Coinbase, announced that they would suspend XRP trading or remove the coin after the U.S. Securities and Commission (SEC) sued Ripple in late December .
It is no surprise that Bakkt chose to stay away from the cryptocurrency currently considered by the SEC as a security. To the question about Bakkt’s new FinCEN rules for self-hosted wallets, Michael replied that his company is focusing on regulatory compliance:
“We therefore believe in the need to maintain regulations regarding the use of these mediums as ramps in the financial system. We are strictly controlled. We have a very strong AML / KYC approach that needs the regulations currently being spoken. “
Leveraging Consumers’ Curiosity for Cryptocurrency
First launched in September 2019, Bakkt is more than a crypto exchange or a custodian. Its consumer-focused app supports all types of digital assets, from loyalty points to gift cards and in-game assets:
“We are there to really drive this new agenda of bringing loyalty and trading platforms together to accelerate the transition to digital assets.”
Michael says the company’s IPO will provide more opportunities for crypto enthusiasts:
“I think cryptocurrency enthusiasts can easily enter the environment and provide more opportunities.”