Bakkt has expanded its crypto trading capabilities to Brazil, Guatemala, Spain, Hong Kong and Singapore.
This expansion broadens Bakkt’s footprint in Latin America and marks its entry into Asia, the provider of custody, trading and onramp capabilities for the crypto economy said in a Wednesday (Jan. 24) press release.
In Brazil, Guatemala and Spain, Bakkt is working with stock trading platform Hapi, according to the release. Together, the companies now offer active crypto trading capabilities in those countries as well as two countries in which these capabilities were already live: Argentina and Mexico.
In Hong Kong and Singapore, Bakkt is collaborating with digital brokerage SogoTrade to offer crypto trading, the release said. The companies plan to partner on crypto trading capabilities in additional countries soon.
International expansion is a key priority for the company in 2024, Bakkt CEO Gavin Michael said in the press release.
In Hong Kong and Singapore, the crypto economy is growing rapidly, driven by recent regulatory clarity, Michael said.
Bakkt is now working to activate its capabilities in the United Kingdom and Australia, per the release.
“We’re excited about what these regions have to offer, and our ability to make crypto more accessible to millions of people,” Michael said in the release. “Executing for our clients is of utmost importance and we are collaborating closely with them to ensure that we’re catering to the specific preferences of our clients and being thorough in our debut into these new markets.”
Michael said in November that Bakkt is prioritizing international expansion as a key component of its business strategy, recognizing the potential for growth and revenue generation outside of the challenging U.S. market.
While Bakkt remains committed to the U.S. market, it has adjusted its strategy to overcome the regulatory environment, Michael said on Nov. 14 during the company’s quarterly earnings call. By targeting markets with greater regulatory clarity and a sizeable addressable market, Bakkt aims to capitalize on opportunities for growth.
Speaking with PYMNTS CEO Karen Webster in April, Michael said: “Regulatory clarity is really instrumental in creating the appropriate guardrails so that [the industry] can get the right innovations in place around payments so that they can flourish.”
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