Key Points:
- Bakkt CEO Gavin Michael reveals plans to expand the digital asset platform to Hong Kong, the UK, and the EU, targeting regions with more regulatory clarity and faster progress in crypto markets.
- Bakkt explores the use of Bitcoin’s Layer 2 Lightning Network for custody and settlement, emphasizing the potential for cross-border payments and financial services.
Bakkt, aims to expand to Hong Kong, the UK, and the EU to benefit on cryptocurrency regulatory certainty.
Bakkt, the digital asset platform, has revealed plans to expand its operations to Hong Kong, the United Kingdom (UK), and the European Union (EU) in an effort to capitalize on regions with more regulatory clarity in the cryptocurrency space. According to Bakkt CEO Gavin Michael, the lack of a clear regulatory framework in the United States has prompted the company to focus on international expansion.
The decision to target Hong Kong, UK, and EU stems from the fact that these regions have made significant progress in establishing cryptocurrency regulations, surpassing the regulatory developments in the US. Michael highlighted the UK’s commitment to clear crypto regulations, Hong Kong’s allowance of trading in select cryptocurrencies, and the EU’s passage of the MiCA framework for crypto regulation.
Bakkt is keen on leveraging Bitcoin’s Layer 2 Lightning Network for custody and settlement services, particularly in the realm of cross-border payments. Exploring the potential of this technology opens up opportunities for Bakkt to offer efficient and secure financial services.
The company believes that there is more traction and momentum in the crypto markets outside the US, attributing it to the faster pace of regulatory clarity in these regions. As a result, Bakkt aims to tap into these markets to drive the growth of its platform and better serve its international customer base.
By expanding its operations to Hong Kong, UK, and EU, the company hopes to navigate the regulatory landscape more effectively and capitalize on the growing demand for digital asset services in these regions. With a focus on jurisdictions that offer clearer guidelines, Bakkt aims to position itself as a leader in the global digital asset market.
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Source: https://coincu.com/200677-bakkts-global-growth-3-promising-crypto-markets/