Bakkt will not support XRP

According to the CEO of Bakkt, one of the largest crypto companies in the United States, the platform will not support XRP as part of further product development.

On January 11, Bakkt CEO Gavin Michael participated in the Axios Re: Cap podcast to discuss the adoption of Bitcoin (BTC) and other mainstream digital assets. Michael said Bakkt plans to expand support for multiple altcoins on its platform in the future, however, XRP will not be one of them.

Michael declined to comment on whether the company decided to stay away from XRP due to the recent secu storm.

"Just not on our platform," Michael said, adding:

"We entered the cryptocurrency space with Bitcoin, and it was our first currency that we released. We have others to come on board as part of product development. But XRP is not one of them."

Michael's comments on XRP follow the official announcement of Bakkt's plans to go public. On January 11, the Intercontinental Exchange, operator of the New York Stock Exchange and owner of Bakkt, announced a merger with VPC Impact Acquisition Holdings to allow Bakkt to go public.

Meanwhile, Ripple continues to fight the US Securities and Exchange Commission. On January 8, company president Brad Garlinghouse vehemently denied "unconfirmed SEC allegations" and said his company was "on the right side of facts and history."

Faced with Ripple's legal problems, many companies have decided to withdraw XRP from the market. On January 6, the crypto wallet provider and transaction platform Blockchain.com announced the removal of XRP. Even earlier, the Coinbase, Binance.US, OKCoin and other exchanges withdrew their support. However, some companies like Uphold chose to keep XRP on their platforms until the SEC case was resolved.