Bakkt reported strong traction with new custody and crypto trading clients in a call with Water Tower Research on Wednesday.
By broadening its client network and being prudent with its capital allocation, Bakkt is also seeing improved gross profit margins, Michael added.the crypto brokerage platform Apex in April. Combined with Bakkt’s recent collaborations with financial services company Plaid and institutional digital assets custody firm Fireblocks, this is providing a strong pipeline of prospective clients, Michael said.
“We're expanding into international markets alongside our clients with Latin America expected to launch in the fourth quarter and other markets like the U.K., European Union, Hong Kong and Australia to follow,” Michael said. The company also sees the evolving ETF products in the market as an opportunity to solidify its position in the crypto custody space. “So whilst we're signing up new custody clients, we're focused on using this momentum when we look at initiatives like the ETF products that are happening, we see that as just opening up the market for us,” Michael said.
Despite facing a challenging quarter in the market, Bakkt managed to outperform, with a decrease in trading volume of 25% compared to the market's 40%, Alexander added, arguing it demonstrated the resilience of customers acquired through the Apex acquisition.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'There's no water': Magnolia water issues prompt extension to 2022 building moratorium'There are a lot of days you get up, and there is no water,' one resident told ABC13. The city's moratorium has been extended for the second time since being issued in December 2022.
Read more »
Pair of American tourists spend the night on Eiffel Tower after passing out drunkA pair of American tourists who visited the Eiffel Tower late Sunday night drank too much and fell asleep there without completing their descent from the Parisian landmark.
Read more »
Intel to drop $5.4 billion Tower deal after China review delay, sources sayThe move underscores how tensions between the US and China over trade, intellectual property and the future of Taiwan are spilling over into corporate dealmaking.
Read more »
Intel scraps $5.4 billion acquisition of Tower Semiconductor after regulators fail to approve dealIntel first announced plans to buy Tower Semiconductor in 2022 for $5.4 billion, but is now terminating the deal saying it failed to get regulatory approval.
Read more »
Intel walks away from its $5.4 billion takeover of Tower SemiconductorAfter announcing the deal last year, Intel will no longer acquire Tower Semiconductor for $5.4 billion..
Read more »
Intel calls off $5.4b Tower deal after failing to obtain regulatory approvalsIntel is terminating a $5.4 billion agreement to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid deteriorating US-China relations.
Read more »