Publicly-listed digital asset custodian and one-stop crypto shop Bakkt will delist a number of major assets, according to reports.
The New York-based company told Fortune Friday that it would stop providing services related to Solana, Cardano and Polygon due to a lack of clarity.
All three cryptocurrencies are in the top 20 biggest digital assets by market cap. The move comes after the U.S. Securities and Exchange Commission hit major crypto exchanges Coinbase and Binance with lawsuits for allegedly selling unregistered securities.
The SEC named in its lawsuits Solana, Cardano and Polygon as securities for the first time. SEC Chairman Gary Gensler has repeatedly said that most cryptocurrencies—but not Bitcoin—are securities.
Last week, popular trading app Robinhood also announced it would end support for Solana, Cardano and Polygon.
What is Bakkt? Everything You Need to Know (2023)
The owner of the New York Stock Exchange wants to make Bitcoin mainstream. What counts as mainstream? Traditional and financial institutions. If you can get the old money to feel comfortable trading new money, you can bring a huge new wave of investors to the cryptocurrency game—and maybe even stabilize it. That’s the promise of Bakkt, which hopes to become the on-ramp of the institutional investor. We learn more about it below. What is Bakkt? At its core, Bakkt is a custody service that stores...
Bakkt did not immediately respond to Decrypt’s request for a comment but Fortune reported that the company was waiting for “further clarity on how to compliantly offer a more extensive list of coins.”
Bakkt started off as a custody service that stored Bitcoin on behalf of institutional investors.
Owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), it also provided retail investors with an app to buy and sell crypto.
But it closed that service in March, claiming that it wasn’t “core to our B2B2C approach.”
