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Digital Asset Firm Bakkt Completes SPAC Merger With VPC

Digital asset marketplace and wallet provider Bakkt closed its SPAC merger with VPC Impact Acquisition Holdings.

Bakkt, a digital asset marketplace and wallet provider, on Friday closed its SPAC merger with VPC Impact Acquisition.

The combined company will operate as Bakkt Holdings and its Class A common shares will begin trading on the New York Stock Exchange under the BKKT ticker on Monday, according to a company statement.

The business combination generated about $448 million in gross proceeds to Bakkt, according to the Friday statement. The proceeds will be used to finance investments in the company's platform capabilities and marketing efforts, and accelerating current and future partnerships. 

“Today marks a special day for Bakkt," Gavin Michael, chief executive officer of Bakkt said in the statement. “We are thrilled to enter this next chapter, and we look forward to propelling our growth initiatives and advancing our mission of connecting the digital economy. We expect our platform will continue to redefine the digital asset marketplace in which it operates, and we are excited for the opportunity to accelerate our innovation, growth and scale as a public company. 

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"We remain focused on building out a broader partner ecosystem, expanding the digital assets that we capture and offer today and gaining momentum by partnering with leading companies across industries including Choice Hotels, Wyndham Rewards, Google, Finastra, and Starbucks, to name a few,” Michael said.

VPC CEO John Martin said in the statement, “Bakkt’s business and management team are truly one of a kind, and we could not be more excited to watch the company flourish. We believe that Bakkt has a compelling value proposition and, combined with its best-in-class management team, Bakkt is well- positioned to create significant long-term shareholder value.”

The Alpharetta, Ga., company on Oct. 8 announced a partnership with Google that will allow its users to connect their Bakkt crypto cards to Google Pay. Bakkt is using Google Cloud as its main cloud provider.

In August, Bakkt's crypto exchange also launched a partnership with sub chain Quiznos to accept Bitcoin at select locations.