Digital asset platform Bakkt has announced the expansion of its cryptocurrency offering to include Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.
The firm noted in an announcement today that the initiative, which is set to commence soon, will enable Bakkt users to buy, sell, and hold ETH. Users can also send the popular cryptocurrency to their friends and family via the Bakkt mobile application, the announcement added.
With the latest development, ethereum will be joining bitcoin as the second cryptocurrency that the publicly-traded company is currently offering to its growing clients.
Commenting on the development, Gavin Michael, CEO of Bakkt, said the company has always been focused on giving its clients numerous opportunities to enjoy their digital assets, adding:
“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets.”
According to the announcement, the addition of ethereum comes as cryptocurrency demand continues to skyrocket. In a recent survey conducted by the New York Stock Exchange-listed company, up to 50% of the total respondents indicated that they had once bought cryptocurrencies last year.
In addition, some of the people who declared that they are yet to adopt the asset class said they will be buying the asset class by year-end.
The second-largest cryptocurrency has been one of the best-performing coins since the beginning of the year. The cryptocurrency, which reached an all-time high of $4,674 on November 3, 2021, shortly after crossing the $4,000 mark, is currently trading around $4,490.
The adoption of Ethereum has surged, following the growing interest in decentralized finance applications (dApps) and non-fungible tokens (NFTs) that are built on the Ethereum blockchain.
Before investing in Ethereum-based DeFi and NFT projects, investors were mostly required to use ETH, which has contributed to the coin’s massive growth.
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