Bakkt, one of the largest cryptocurrency companies in the United States, will not provide support XRP as part of further product development, said the CEO.
On January 11, Gavin Michael, CEO of Bakkt, sat down with the Axios Re: Cap podcast for discuss the regular adoption of Bitcoin (BTC) and other digital assets. Michael said Bakkt plans to roll out support for a number of altcoins on his platform in the future, but XRP is not one of them.
Michael declined to comment on whether the company decided to stay away from XRP due to Ripple’s legal troubles sparked by a U.S. Securities and Exchange Commission lawsuit. “Just not on our platform,” Michael stated, adding:
“We entered the crypto space through Bitcoin, and that was our first currency we made available. We have others scheduled to come on board as part of product development. But XRP is not available. “
Michael’s comments on XRP follow Bakkt’s official announcement plans to go public. On January 11, the Intercontinental Exchange, the operator of the New York Stock Exchange and owner of Bakkt, announced a merger agreement with VPC Impact Acquisition Holdings to enable Bakkt to launch in the stock markets.
Meanwhile, Ripple is fighting the SEC’s $ 1.3 billion lawsuit filed against the firm in late December. On January 8, Brad Garlinghouse, CEO of Ripple strongly denied the “unproven allegations of the SEC” and claimed that his company is “on the right side of the facts and history.”
Amid Ripple’s legal troubles, many crypto companies have decided to scrap XRP. On January 6, crypto wallet provider and trading platform Blockchain.com announced that it is removing XRP, next in the steps from Coinbase, Binance.US, OKCoin and others. However, some companies like Uphold chose to keep XRP on their platforms until the SEC lawsuit is resolved.