Bakkt CEO on why no plans to back XRP

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Bakkt’s CEO did not state why the company had agreed to step away from XRP due to Ripple’s unresolved legal problems.

According to the CEO, Bakkt, one of the major cryptocurrency firms in the United States, will not endorse XRP as part of its further product development.

On Jan. 11, Bakkt CEO Gavin Michael sat on the Axios Re:Cap podcast to discuss the mass acceptance of Bitcoin (BTC) and other crypto currencies. Michael said Bakkt plans to roll out support for a variety of altcoins on his site in the future, but XRP is not one of them.

Michael refused to comment about why the organisation had agreed to step away from XRP due to Ripple’s legal problems triggered by a U.S. lawsuit. Securities and Trade Commission, please. “It’s just not on our platform,” Michael said, adding:

“We entered the crypto space through Bitcoin, and that was our first currency we’ve made available. We have others that are scheduled to come on board as part of the product development. But XRP is not available.”

Michael’s comments on XRP preceded the formal announcement of Bakkt’s intentions to go public. On 11 January, the Intercontinental Exchange, the operator of the New York Stock Exchange and the owner of Bakkt, announced a merger agreement with VPC Impact Acquisition Holdings to allow Bakkt to join the stock market.

Meanwhile, Ripple is fighting the SEC’s $1.3 billion lawsuit brought against the firm in late December. On Jan. 8, Ripple CEO Brad Garlinghouse strongly denied the “SEC’s unproven allegations” and claimed his firm is “on the right side of the facts and of history.”

In the wake of Ripple’s legal concerns, several crypto firms have agreed to disable XRP. On Jan. 6, crypto wallet provider and exchange site Blockchain.com announced the withdrawal of XRP, following the steps of Coinbase, Binance.US, OKCoin and others. However, some businesses like Uphold have opted to retain XRP on their websites until the SEC case has been settled.

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