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28 January 2021
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Bakkt Planning To Support Additional Crypto Assets, CEO Says XRP Is Off the Table


The CEO of the Bitcoin futures and payments firm Bakkt says the company has plans to support multiple crypto assets aside from BTC.

In an interview on the Axios Re:Cap podcast, Gavin Michael details the coming launch of Bakkt App, which is designed to give people a simple way to pay for everyday items using digital assets.

“What we are trying to do is to provide infrastructure to power the wallet of the future. We are looking to show the consumers we recognize hold value far more than they realize in these digital assets. And what we want to be able to do is just give them the ability to accelerate the shift to the use of digital assets in payments. They can be a form of cryptocurrency or it can be any other form.

And you can turn your hotel points into airline miles. You can use Bitcoin to pay for rewards points. We are really trying to drive an empowerment of the consumer with an app that is easy to navigate, provides profound transparency, and enables merchants grow their businesses as well by reaching new customers and allowing them to do it at a lower cost.”

Although the company is considering support for multiple cryptocurrencies, Michael says it has no plans to support XRP.

“We entered the crypto space through Bitcoin and that was the first currency that we made available. We have others that are scheduled to come aboard as part of the product development. But XRP is not available.”

Michael’s revelation that XRP will not be on Bakkt App comes weeks after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple Labs of raising funds by selling XRP in an unregistered securities offering.

XRP is also absent from PayPal’s recent pivot towards crypto. PayPal is rolling out support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin purchases, but the company’s crypto partner Paxos said it’s looking to the SEC to determine which assets to support.

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