Broadens Latin American Footprint While Entering Asia
In its continuing push in international markets, Bakkt announced on January 24 that it activated its crypto capabilities in several new international markets in Asia, Europe, North America, and South America with existing clients Hapi and SogoTrade. Bakkt crypto trading is now live in Hong Kong and Singapore with SogoTrade. Bakkt is excited about its entry into these markets given the rapid growth in their crypto economies. There are also plans to launch in additional international markets in the near future. The announcement also said that Bakkt and stock trading platform Hapi have broadened their active crypto trading capabilities throughout Latin America, as they are now live in Brazil and Guatemala, as well as Spain. This furthers their working relationship, building on already-live capabilities in Argentina and Mexico. CEO Gavin Michael highlighted that international expansion remains a key priority in 2024. The company believes that crypto has the power to enhance financial inclusivity and connect communities within the global economy. Michael has said in prior remarks that the company was “working efficiently to expand into international regions with more regulatory clarity and sizeable addressable markets.” Bakkt is also continuing to work closely with its clients to activate capabilities in the UK and Australia. Regulatory efforts outside the US are clearer, but the recent approval by the SEC of several Bitcoin ETFs gives the industry hope that the US will finally catch up with the rest of the world on the regulatory front. In February 2023, WTR held a fireside chat with Bakkt General Counsel and Secretary Marc D’Annunzio about the evolving regulatory environment. D’Annunzio highlighted that even back then, US Congress was evaluating what it needed to do, and it was trying to figure out if it needs to grant authority to specific agencies to ensure appropriate regulation. D’Annunzio went on to comment that there are bipartisan talks around stablecoins and trading platforms and consumer protection, and that Bakkt has been a part of the conversation. As the US works through its legislation, crypto is progressing outside the US, and Bakkt is going to be a player in international markets.
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