Crypto solutions company Bakkt Holdings said it is expanding cryptocurrency operations across new international markets.
In a statement on Wednesday, Bakkt confirmed collaboration with existing clients, stock trading platform Hapi and digital brokerage SogoTrade.
In Latin America, Bakkt is now live in Brazil and Guatemala, adding to its existing presence in Argentina and Mexico. It has launched its crypto trading services in the Asian markets of Hong Kong and Singapore when both markets are fostering crypto as an alternative asset class.
Crypto-friendly markets remain sought-after
CEO Gavin Michael emphasizes the company’s focus on international expansion as a critical objective for 2024. Michael said, “Today marks an exciting new chapter, with our entry into new Asian markets like Hong Kong and Singapore, where the crypto economy is growing rapidly given recent regulatory clarity.”
In addition to these expansions, Bakkt is reportedly working to extend its services to the UK and Australia.
Bakkt was founded in 2018 and has been providing solutions that align with the growing demands of the crypto economy. Their focus lies on institutional-grade custody, trading, and on ramp capabilities.
This expansion by Bakkt comes weeks after the launch of Bitcoin ETFs. This could mean that any mass launch in the crypto ecosystem has the potential to prompt confidence and lead to the expansion of companies.
It is true that the introduction of Bitcoin ETFs has lent a sense of legitimacy to the cryptocurrency market. And for some, it is indicative of a maturation phase.
Market legitimacy attracts businesses
Any regulatory legitimacy attracts traditional investors and institutions, increasing the demand for crypto services globally. Regions with clear regulatory frameworks, like Hong Kong and Singapore, become particularly attractive for crypto companies seeking to capitalize on this burgeoning legitimacy and market evolution.
Which means Bakkt’s international expansion may well signal a larger trend where crypto companies venture beyond traditional markets, driven by the legitimizing effect of Bitcoin ETFs and the evolving global market for cryptocurrencies. This trend not only underscores the growing acceptance of cryptocurrencies but also signals their integration into the global financial ecosystem.
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