Digital asset market Bakkt prepares for SPAC merger
Bakkt Holdings, a digital asset marketplace, to merge with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings (HIV), according to a Press release.
Bakkt operates on a B2B2C model and allows users to convert holdings into digital assets or pay merchants directly.
The platform works with financial institutions (FIs) and business partners on infrastructure and access to new markets. It offers new products on a large scale and contributes to regulatory clarity, better price discovery and better risk management.
“We are delighted to have reached this milestone and look forward to completing the proposed business combination with HIV,†said Bakkt CEO. Gavin Michel in the output. “I want to thank our team members for their dedication, as we wouldn’t be here without their tremendous effort. Now more than ever, we remain excited about the unique growth opportunities ahead for our business and laser focus on pursuing our vision of connecting the digital economy. “
The merger is expected to be approved by HIV shareholders on Oct. 14, the statement said.
“Bakkt has an incredibly unique business model and value proposition and continues to provide new ways for consumers, businesses and financial institutions to participate in the digital economy,†said John Martin, CEO of VPC Impact Acquisition Holdings , in the press release. “The company is a leader in this rapidly growing digital asset market and has continued to advance its platform and partnership universe. As Bakkt becomes a public company, we believe there are significant opportunities ahead and we look forward to supporting the company in this next phase of growth. “
In August, Michael said that a successful payment and commerce network should be able to process all types of assets and turn illiquid assets into usable assets. He said it could free up to $ 1.2 trillion in value.
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“We’re trying to be a new payment rail that allows people to access cash in assets that traditionally don’t have cash associated with them,†he said at the time.
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