Bakkt, a cryptocurrency platform majority owned by Intercontinental Exchange Inc., is conducting preliminarynegotiations on a merger with SPAC-company VPC Impact Acquisition Holdings.
According to Bloomberg, the deal will be worth more than $ 2 billion, and it could be completed as early as next week.
VPC Impact Acquisition Holdings –A special purpose acquisition company (SPAC) that takes other companies public through a traditional IPO. Amid the 2020 pandemic, SPACs have gained popularity by offering alternative routes to financial exposure. The number of such companies is 2 times higher than in 2019.
VPC, led by a chairman and chiefChief Executive Officer John Martin, said its value creation strategy is to "identify, collaborate and promote the development of the fintech business."
Bakkt– regulated platform focused on institutional structures. In 2019, the company launched a fully regulated Bitcoin futures and options market.
Last year, Bakkt raised $300 million in capital from ICE and other investors and acquired Bridge2 Solutions, a loyalty program provider.
Bakkt is headed by interim chiefExecutive Director David Clifton, ICE Vice President of Mergers and Acquisitions. Retiring U.S. Senator Kelly Loeffler served as its CEO.
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