The digital assets wealth platform’s rollout includes regulated yield accounts, credit lines and exchange access backed by Bakkt.
The firm said it has agreed to acquire Distributed Technologies Research, a blockchain-based payment infrastructure provider.
Bakkt offloaded its loyalty rewards operations in Q3 to focus on institutional-grade trading, liquidity, and regulated custody.
The firm has opportunities in three areas: crypto infrastructure, stablecoin payments and its bitcoin treasury strategy.
The company has sold non-core units to streamline into a blockchain-native payments platform, said Clear Street.
Under the firm's new CEO Akshay Naheta, Bakkt has shed its custody arm and is selling off its legacy loyalty business, the report said.
Bakkt is acquiring a 30% stake in Japanese firm Marusho Hotta and is expanding into Asian crypto markets.
The technology firm sold its loyalty business for $11 million and announced a public share offering to fund bitcoin purchases.
The partnership aims to integrate Bakkt’s trading platform with DTR’s stablecoin-based payments infrastructure
The company is also delaying the filing of its annual report.
Cryptocurrency continues to gain prominence under the administration of incoming US President Donald Trump as a crypto trading firm may soon become part of the companies owned by the billionaire president. Reports disclosed Trump Media eyes to acquire the Bakkt crypto company to gain a foothold in the digital asset industry. Related Reading: Crypto Milestone: […]
Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock deal to purchase Bakkt, a struggling crypto trading venue owned by Intercontinental Exchange.
The current CEO Michael will step down “to pursue other opportunities.”
Bakkt has posted back-to-back losses and a plummeting share price since listing in October 2021 and the NYSE is threatening to pull it.
This week’s headlines include Franklin Templeton’s entry into the Ether ETF race, Ripple’s new custody deal, Bakkt’s sale of securities and CoinShares’ Q4 earnings.
The institutional digital asset trading platform unveiled in 2018 amid huge fanfare has just disclosed it “might not be able to continue as a going concern.”