While Coinbase gets all the headlines, and rightly so, in terms of crypto exchanges going public, it may actually be Bakkt that beats them to the punch.
The idea is for Bakkt to list on the NYSE via a SPAC, which if you have been paying attention to traditional finance the last year or two, has been all the rage...
Bakkt was launched back in the summer of 2019 to much fanfare, with people hoping an anticipating they were going to bring the institutions to bitcoin and crypto.
Unfortunately that roll out has been slower than just about everyone would have wanted.
The volumes on the exchange have been creeping up as of late, but they still pale in comparison to what the CME and other bitcoin derivative platforms do on a daily basis.
Either way, going public may be just what the doctor ordered...
Some out there may be thinking why do I care if Bakkt or Coinbase are going public this year... and that is an understandable question...
The main reason it matters is that it adds legitimately to the industry. For the first time ever, crypto businesses will be listed on fully regulated equity exchanges. This adds another layer of legitimacy that wasn't there previously which encourages more participation and adoption.
The other big reason, and this one is almost equally important, is because it will help capitalize companies that are likely going to pump that back into the crypto ecosystem.
Both of these companies are going to raise billions from Wall Street that will undoubtedly go into further building out the crypto ecosystem.
From higher quality products, to new businesses etc, this money is a lifeline to the industry...
And the great news is that the further building out of the industry will be funded by Wall Street instead of by transaction fees funded by you!
Plus, it's never been a better time to go public than right now for a crypto company.
The crypto market is booming and the stock market is very receptive of IPO and SPACs currently.
Overall, I think this is will go down as one of the more underrated developments for crypto this year.
Stay informed my friends.
Posted Using LeoFinance Beta