US President-elect Donald Trump is reportedly acquiring a major cryptocurrency trading platform.
18.11. 2018 Financial Times reports that Trump Media and Technology Group (TMTG), the parent company of Trump's Truth social platform, will acquire Bakkt, a #cryptocurrency trading platform owned by Intercontinental Exchange (ICE).
This means that ICE will receive TMTG shares instead of cash to pay for the deal. TMTG currently has a market value of $7.21 billion, but its valuation is down 36% from its dizzying pre-election highs. Donald Trump owns 53% of TMTG.
Bakkt's valuation for the deal was not disclosed, but according to Yahoo Finance, the company has a market value of £1.9240 million. News of the talks sent BAKKT's share price up 162% and TMTG's share price up 16.7%.
buying Bakkt means a significant expansion of Trump's cryptocurrency operations.
spite of Trump's advocacy for a cryptocurrency platform, the scandalized businessman's involvement in cryptocurrency was largely due to the roughly 4% of revenue received by global platform Liberty Financial #DeFi in exchange for advertising services, as well as roughly 50% of revenue from the sale of two #NFT trading card collections. It was limited to receiving 75%.
Bakkt was founded in 2018-2018 by ICE and initially planned to provide a platform for regulated trading of digital assets along with trading services.
Bakkt made headlines in 2019 when it launched #bitcoin futures with physical payments on March 9, becoming the first platform in the United States to offer regulated BTC futures contracts. Bakkt's futures trading volume peaked in 2020/9 at £17,010 million.
In 2021/3, Bakkt focused on serving consumers by launching a digital wallet app.
In 2023/11, Bakkt relaunched its cryptocurrency storage service.
Bakkt has recently seen a surge in cryptocurrency trading volume, with 11 transactions worth ¥27,900 million in the first 12 days of the month alone.
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