XRP will not be supported on Bakkt

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American cryptocurrency platform Bakkt has no plans to add support for the XRP token. The platform’s CEO Gavin Michael announced it in the Axios Re: Cap podcast.

Michael said Bakkt is planning to add support for a number of altcoins on its platform, but XRP is not among them. He declined to comment on whether the XRP rejection is related to the US Securities and Exchange Commission (SEC) lawsuit against Ripple.

“We entered the crypto market through bitcoin – this is our first cryptocurrency. We plan to add others as part of our new product development, but we are not considering XRP, ”he said.

On January 11, Intercontinental Exchange, operator of the New York Stock Exchange and owner of Bakkt, announced a deal with SPAC-based VPC Impact Acquisition Holdings that will allow the platform to go public. Bakkt teams up with VPC for a $ 2.1 billion valuation.

Meanwhile, Ripple is preparing for a pre-trial hearing on the SEC’s $ 1.3 billion lawsuit. On January 7, Ripple CEO Brad Garlinghouse again rejected “Unsubstantiated SEC statements.”

I’m not going to litigate the SEC’s unproven allegations on Twitter, and as you can imagine, there are new considerations to what can / should be said publicly after the litigation process starts. However, I would like to address 5 key questions I’ve seen. 1/10

— Brad Garlinghouse (@bgarlinghouse) January 7, 2021

Amid legal troubles for Ripple, several crypto exchanges have restricted XRP trading. Investment firm Grayscale dropped XRP from its Digital Large Cap fund last week.

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