Bakkt, Cryptocurrency Firm, Faces Cash Shortage Challenge That May Jeopardize Operations

Bakkt, Cryptocurrency Firm, Faces Cash Shortage Challenge That May Jeopardize Operations

Bakkt, Cryptocurrency Firm, Faces Cash Shortage Challenge That May Jeopardize Operations

According to a report from CoinDesk, Bakkt, the cryptocurrency platform launched with great fanfare by the parent company of the New York Stock Exchange in 2018, warned on Wednesday that it may not be able to continue operating. Bakkt was established by Intercontinental Exchange (ICE), which owns major derivatives exchanges and the NYSE, with the initial goal of helping Starbucks customers purchase coffee with Bitcoin (BTC). The company eventually launched a digital wallet in 2021, but the service was discontinued last year as Bakkt shifted towards providing B2B technology services. Bakkt (BKKT) went public in 2021, closing at $1.45 on Wednesday, compared to briefly surpassing $40 in 2021.