Gavin Michael on Bakkt’s Promise
Bakkt CEO Gavin Michael emphasized the company’s commitment to global accessibility. “At Bakkt, we believe that cryptocurrencies have the power to enhance financial inclusion and connect communities within the global economy,” he said. We are very excited about what this region has to offer and our ability to make cryptocurrency more accessible to millions of people.”
International expansion and main goals
The international expansion is a strategic move in line with Bakkt’s key goals for 2024. Bakkt maintains cooperation with its customers Hapi and SogoTrade. This promotes a concerted effort to transform the global cryptocurrency trading landscape.
Expanding Cryptocurrency Horizons in Latin America
Bakkt’s collaboration with stock trading platform Hapi has enabled cryptocurrency trading capabilities across Latin America. The platform currently operates in Brazil and Guatemala and complements existing operations in Argentina and Mexico. Notably, this partnership has expanded further into Spain, further deepening Bakkt’s presence in Europe.
Hapi, a user-friendly stock trading platform, democratizes access to the U.S. stock markets in Latin America. Hapi allows users in the region to register, transfer funds, and trade stocks and ETFs in real time, promoting financial prosperity with no minimums or fees.
Entering the Asian market
Bakkt’s expansion into Southeast Asia includes enabling cryptocurrency trading in Hong Kong and Singapore. This is done in partnership with digital brokerage SogoTrade. The companies are ready to roll out these features in additional international markets soon.
As a US-based stockbroker regulated by authorities including the SEC and FINRA, SogoTrade is recognized for its user-friendly account opening process and low trading fees. Focused on targeting novice investors, SogoTrade supports multiple languages, especially targeting Chinese speakers.
Navigating the regulatory environment
The strategic move to Hong Kong is consistent with its strong regulatory framework and clear tax structure. Likewise, Singapore’s status as an international financial hub supports this expansion. Both jurisdictions are attractive to major players in the cryptocurrency industry. Well-defined regulations provide a favorable environment for cryptocurrency-related businesses.
Tiger Research predicts that Asia will become the epicenter of the global cryptocurrency landscape within the next five years. Singapore’s stringent scrutiny of granting licenses to cryptocurrency players highlights strong anti-money laundering controls. This approach has resulted in the country only granting licenses to 14 cryptocurrency companies to date.
Upcoming steps: UK and Australia
Looking ahead, Bakkt outlined plans to establish a presence in the UK and Australia in the coming months. This trajectory is consistent with the company’s unwavering commitment to providing institutional-level custody, trading and entry capabilities in a variety of international markets.
As Bakkt navigates this expansive journey, we are committed to executing for our customers and ensuring a smooth debut in new markets. With a focus on collaboration, accessibility, and compliance, Bakkt has established itself as a pioneer in fostering global financial inclusion through the power of cryptocurrency.
In conclusion, Bakkt’s strategic expansion marks an important chapter in the evolution of global cryptocurrency exchanges, empowering individuals and connecting communities within the ever-expanding cryptocurrency economy.