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- The firm’s recent acquisition of Apex Crypto will assist in reaching its global objectives.
- The CEO noted that the cryptocurrency markets beyond the United States are more vibrant.
Bakkt CEO Gavin Michael has indicated that the company is exploring international expansion into Hong Kong, the United Kingdom, and the European Union, citing the lack of a stable regulatory framework in the United States.
The CEO remarked:
“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.”
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Michael mentioned that the company’s acquisition of Apex Crypto from Apex Fintech Solutions in April 2023, an integrated crypto-trading platform, would aid in fulfilling its global ambitions. He stated that the international growth of Apex will be supported by existing partnerships with firms such as Webull, M1, Public.com, and Stash.
Regulatory Uncertainty in U.S
He noted that the low entry barriers for crypto exchanges arise from the fact that these companies can expand internationally to offer U.S. stock trading. Bakkt may incorporate crypto trading alongside these services. However, the platform has faced challenges, with 25 tokens being delisted from Bakkt due to regulatory issues.
According to Bakkt’s CEO, the cryptocurrency markets outside the United States are more dynamic, attributed to greater regulatory clarity. Michael expressed agreement with recent U.S. regulatory actions but emphasized that further efforts are needed to clarify regulations, particularly at the federal level.
He stated that this uncertainty has limited Bakkt’s ability to partner with U.S.-based companies. While Bakkt launched with several significant collaborations (including Microsoft and Starbucks), Michael pointed out that many businesses are awaiting regulatory clarity before entering the market.
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