JAN 26, 2024
Bakkt targets business expansion in Asia
Bakkt Holdings, a software as a service (SaaS) and API platform for owning and trading cryptocurrency, has unveiled its plans for an extensive expansion into Asia and other crypto-friendly international jurisdictions.
Focus on Hong Kong and Singapore
According to a recent press release, Bakkt has broadened its footprint into two additional Asian markets, namely Hong Kong and Singapore. This strategic expansion aligns with the company’s key objectives for 2024.
Data from South Korean Web3 advisory and research firm Tiger Research suggests that Asia is poised to become the epicenter of the global crypto landscape within the next five years.
In particular, Singapore and Hong Kong have emerged as dominant forces in the Asian crypto landscape. Their well-defined regulations, favorable tax structures and status as international financial hubs have attracted major players in the crypto industry.
The announcement emphasizes Bakkt’s commitment to making cryptocurrencies more accessible globally. The company envisions that crypto has the potential to enhance financial inclusivity and connect communities within the global economy. CEO Gavin Michael expressed excitement about the opportunities these regions present, highlighting the company’s dedication to reaching millions of people through its crypto services.
Broader global expansion
Bakkt’s international expansion is not limited to Asia. Additionally, the company is targeting Latin America. Brazil, Argentina and Mexico lead the way in the adoption of crypto assets in Latin America.
The digital assets solutions firm has successfully established crypto trading and on-ramp capabilities in Brazil and Guatemala, adding to its existing operations in Argentina and Mexico.
Furthermore, Bakkt has plans to establish a presence in the United Kingdom and Australia in the coming months.
The decision to expand into these specific jurisdictions is influenced by the rapid growth of the crypto economy and the regulatory clarity observed in these regions. Despite global market fluctuations and recoveries, certain countries continue to welcome crypto-related businesses with robust regulatory frameworks.
In collaboration with Bakkt Holdings, Hapi and SogoTrade have launched new crypto trading capabilities, expanding their offerings across Asia, Europe, North America and South America. Hapi, a stock trading platform, has extended its crypto trading services to Brazil, Guatemala and Spain, deepening its relationship with Bakkt. On the other hand, SogoTrade, a digital brokerage, has initiated crypto trading in Hong Kong and Singapore, marking the beginning of its foray into Asian markets.
Bakkt, established in 2018, is focused on providing institutional-grade custody, trading and on-ramp capabilities. The company positions itself as a partner for sustainable, long-term crypto involvement. The firm was established with Intercontinental Exchange (ICE), the owners of the New York Stock Exchange, having a 66.7% controlling interest in the company.
Bakkt’s strategic expansion into diverse international jurisdictions, including the Asian region, underscores its intention to enable global platform accessibility, together with its belief in the transformative power of cryptocurrencies within the financial landscape.