Bakkt Eyes Global Expansion Amid Regulatory Uncertainty in U.S
- The company’s recent purchase of Apex Crypto would help it achieve its worldwide goals.
- According to the CEO. the crypto markets outside the United States are more active.
Bakkt CEO Gavin Michael has said that the business is considering expanding internationally to Hong Kong, the United Kingdom, and the European Union. This is because of the absence of a stable regulatory environment in the United States.
The CEO stated:
“We’re particularly focused on Hong Kong, the UK and parts of the EU because we see partners wanting to move into those spaces and we want to be able to support them.”
According to Michael, the company’s April 2023 purchase of Apex Crypto from Apex Fintech Solutions in the United States, an integrated crypto-trading platform, would help it achieve its worldwide goals. He said that the worldwide expansion of Apex will be facilitated by the company’s current agreements with organizations like as Webull, M1, Public.com, and Stash.
Regulatory Uncertainty in U.S
He said that the low barrier to entry for crypto exchanges is due to the fact that when these firms expand worldwide to provide U.S. stocks trading. Bakkt may add crypto trading alongside them. However, the platform has already had some setbacks, with 25 tokens being removed from Bakkt owing to regulatory concerns.
According to the CEO of Bakkt, the cryptocurrency markets outside the United States are more active. Because of the greater regulatory certainty. Michael said he agrees with the recent U.S. regulatory moves. But more has to be done to clarify regulations, especially at the federal level.
According to him, this uncertainty has hindered Bakkt’s capacity to collaborate with U.S.-based businesses. While Bakkt debuted with many major collaborations (including Microsoft and Starbucks). Michael noted that many businesses are waiting for regulatory clarity before entering the market.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
