Crypto Firm Bakkt Warns It Might Not Be Able to Remain in Business

Bakkt,
a
crypto
platform
introduced
amid

great
fanfare
in
2018
by
the
owner
of
the
New
York
Stock
Exchange,
warned
Wednesday
that
it
might
not
be
able
to
stay
in
business.

“We
might
not
be
able
to
continue
as
a
going
concern,”
the
company
said
in
a

document
filed
with
the
U.S.
Securities
and
Exchange
Commission.
“We
do
not
believe
that
our
cash
and
restricted
cash
are
sufficient
to
fund
our
operations
for
the
12
months
following
the
date
of”
the
filing.

The
company
was
set
up
by
Intercontinental
Exchange,
which
owns
large
derivatives
exchanges
plus
the
NYSE,
with
the
initial
goal
of
helping
Starbucks
customers

buy
coffee
with
bitcoin

(BTC).
Future
U.S.
Senator
Kelly
Loeffler
was
its
first
CEO.
It
finally
introduced
a

digital
wallet
in
2021,
but
that
was

discontinued
last
year
as
Bakkt
shifted
to
business-to-business
technology
services.

Overall
efforts
to
use
bitcoin
the
asset
and
the
Bitcoin
blockchain
for
payments
have
seen
little
success,
though
the

Lightning
Network,
a
layer-2
blockchain
where
Bitcoin
transactions
can
be
offloaded
for
more-efficient
processing,
aims
to
turn
that
into
reality.

Read
more:



What
is
Bitcoin’s
Lightning
Network?

Bakkt
went
public
in
2021.
Its
stock
trade
closed
Wednesday
at
$1.45,
down
from
more
than
$40
in
2021.