Pakt It has expanded its cryptocurrency trading capabilities to Brazil, Guatemala, Spain, Hong Kong, and Singapore.
This expansion expands Bakkt's footprint in Latin America and marks its entry into Asia, the provider of custody services, trading and operating capabilities for the cryptocurrency economy said on Wednesday (Jan. 24). press release.
In Brazil, Guatemala and Spain, Bakkt operates with a stock trading platform a stepAccording to the statement. Together, the two companies now offer active cryptocurrency trading capabilities in those countries as well as two countries where such capabilities already exist: Argentina and Mexico.
In Hong Kong and Singapore, Bakkt cooperates with digital brokerage SogoTrade It is to introduce cryptocurrency trading, the statement said. The two companies plan to partner on cryptocurrency trading capabilities in additional countries soon.
International expansion is a key priority for the company in 2024, Bakkt CEO Gavin Michael He said in the press release.
In Hong Kong and Singapore, the cryptocurrency economy is growing rapidly, driven by recent regulatory clarity, Michael said.
Bakkt is now activating its capabilities in the United Kingdom and Australia, according to the release.
“We are excited about what these regions have to offer, and our ability to make cryptocurrencies accessible to millions of people,” Michael said in the statement. “Executing for our customers is extremely important and we collaborate closely with them to ensure we meet our customers' specific preferences and are punctual in our debut into these new markets.”
Michael said in November that Bakkt was the priority International expansion As a key component of its business strategy, recognizing the potential for growth and revenue generation outside the challenging US market.
While Bakkt remains committed to the US market, it has adjusted its strategy to navigate the regulatory environment, Michael said on November 14 during the company's quarterly earnings call. By targeting markets with greater regulatory clarity and a large addressable market, Bakkt aims to capitalize on growth opportunities.
Speaking with Karen Webster, CEO of PYMNTS, in April, Michael said: “Regulatory clarity It's really instrumental in creating the right guardrails for that [the industry] They can implement the right innovations regarding payments so that they can thrive.
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