- Bakkt, a company known for its partnerships with Starbucks, Microsoft, and Mastercard, is seriously considering the issues surrounding cryptocurrency in the United States.
- Gavin Michael, the CEO of Bakkt, hinted at the possibility of the company moving out of the US during a conference held last month.
- Michael also mentioned that Bakkt is exploring the possibility of making payments via the Bitcoin Lightning Network, which could also be used for cross-border transactions.
Is Bakkt Leaving the US?
Renowned for its collaborations with industry giants like Starbucks, Microsoft, and Mastercard, Bakkt has shown its commitment to addressing the complex issues surrounding cryptocurrency in the United States. However, recent comments from the company’s CEO, Gavin Michael, suggest that Bakkt might be considering a move out of the US.
Bakkt’s International Focus
Despite the company’s strong ties to the US market, Michael revealed that Bakkt is also looking at regions where they see potential for growth in the crypto sector. Specifically, they are keeping a close eye on Hong Kong, the United Kingdom, and the European Union. According to Michael, many jurisdictions are moving faster than the US in terms of crypto regulations, creating an attractive pull for companies like Bakkt.
International Crypto Transactions on the Horizon
Michael also shed light on Bakkt’s acquisition of Apex Crypto for $220 million in April. He believes that this acquisition could significantly aid Bakkt’s international endeavors. Companies like Webull, M1, Public.com, and Stash, which are part of Apex’s partnerships, could contribute to Bakkt’s global expansion. These companies facilitate the international trading of US stocks, and Bakkt could potentially add crypto transactions to their offerings.
Furthermore, Michael revealed that Bakkt is investigating the possibility of using the Bitcoin Lightning Network for payments. This option could also be utilized for cross-border transactions, marking a significant step forward in the global adoption of cryptocurrency.
