A bit more than two days after rumors floated around regarding the planned $2 billion merger of Bitcoin custodian firm Bakkt and VPC Impact Acquisition Holdings (VPC), the two firms now announce that said rumors are indeed true and has now been finalized.
As per the firm’s announcement released this Monday, the business merging deal has now been officially inked by the parties involved. Following this, Bakkt, alongside VPC, will now be recognized as a publicly-traded company – named “Bakkt Holdings” – and shall join New York Stock Exchange’s listings with an impressive approximated evaluation of more than $2 billion.
The announcement then further stated that Gavin Michael, the former technological head of the Global Consumer Bank of Citi, will now serve as the CEO of Bakkt effective immediately.
Although no conclusive date for the merger has been set yet, a representative of Bakkt stated that it would most likely be completed in the Q2 of this year. The representative then added that the firm is currently engaged in the development of the Bakkt App – notably adding more than $532 million to its development budget in the hopes of launching the rewards and retail-focused app this coming March 2021.