One of the biggest crypto companies in the US, Bakkt, will not support XRP as part of its further product development according to the firm’s CEO.
Bakkt CEO Gavin Michael confirmed on January 11 that Bakkt would be dropping Ripple’s token on the Axios ReCap podcast. On the pod, he discussed mainstream adoption as well as his firm’s plans of rolling out support for a number of altcoins on its platform in the near future. XRP will not be one of the tokens supported by the company and the CEO declined to comment on whether the decision was made because of Ripple’s legal issues with the SEC.
The CEO stated;
“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.”
Bakkt is just one the latest crypto firms to drop XRP after a number of others had led the way much earlier. The likes of Coinbase, Binance, OKCoin and others have already made it known that they will be suspending XRP trading pending Ripple’s case In the courts. The delistings have seen the XRP price spiral down as investors rush to safeguard their holdings.
Meanwhile, Ripple is fighting off the SEC’s $1.3 billion lawsuit brought against it last month. Ripple’s released a preliminary statement on December 29th alleging a plot by the SEC to go after the entire industry using Ripple. January 8 saw the firm’s CEO Brad Garlinghouse strongly deny the “SEC’s unproven allegations” and claimed that Ripple was “on the right side of the facts and of history.”
Despite the fact that a lot of support has been shown towards Ripple by members of its community mostly retail investors, crypto companies seem to be headed in the opposite direction. A wait and see approach is seen with all the delisting and time will tell whether XRP will make a comeback from all this mess.
Image Courtesy of bakkt.com