Coinspeaker
Crypto Firm Bakkt Reportedly Runs Low on Cash
Bakkt, a crypto firm, which is backed by Intercontinental Exchange (ICE) may currently be facing a huge financial crisis. This follows after the institutional digital asset trading platform recently revealed, in a filing with the Securities and Exchange Commission (SEC), that there is an air of uncertainty over the survival of its business.
The February 7 filing, which contained an amendment to Bakkt’s quarterly report, highlighted some risk factors. According to the company, these factors suggest that it may no longer have enough cash to keep running its business.
Did Bakkt Fumble Its Prospects?
Bakkt was founded in 2018 but didn’t launch until 2019. However, its founding days were accompanied by huge publicity and expectations. At the time, many saw Bakkt as a welcome bridge that would connect Bitcoin to institutional investors.
Unfortunately, the company may now have failed to live up to the hype that was undoubtedly bo
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