According to the CEO of Bakkt, which is among the largest crypto firms in the United States, the firm will not back XRP as part of its additional product development.
On Jan. 11, Gavin Michael, Bakkt CEO met with the Axios Re:Cap podcast to talk about the mainstream acceptance of Bitcoin among other digital assets. The CEO stated that Bakkt intends to roll out support for several altcoins on its platform soon however, XRP is excluded.
Michael refused to comment on if the organization’s decision to keep away from XRP was because of Ripple’s legal issues instigated by a lawsuit from U.S. Securities and Exchange Commission.
“Just not on our platform,” the executive said, adding:
“We entered the crypto space through Bitcoin, and that was our first currency we’ve made available. We have others that are scheduled to come on board as part of the product development. But XRP is not available.”
Michael’s comments on XRP follow the official declaration of Bakkt’s move to go public. On Jan. 11, the Intercontinental Exchange, which is the parent company to the New York Stock Exchange and Bakkt, publicized a merger with VPC Impact Acquisition Holdings to permit Bakkt to make a debut in the stock markets.
In the meantime, Ripple is wrestling the SEC’s $1.3 billion lawsuit presented against the company around late December. On Jan. 8, Brad Garlinghouse, Ripple CEO, vehemently contested the “SEC’s unproven allegations” and stated that his organization is “on the right side of the facts and of history.”
Amid Ripple’s legal challenges, many cryptocurrency firms have decided to delist XRP. On Jan. 6, Blockchain.com, a cryptocurrency wallet provider and trading platform declared it was delisting XRP, following the footprint of Binance.US, OKCoin, Coinbase, and others. Nonetheless, some firms such as Uphold would rather keep XRP on their platforms until the lawsuit is resolved.