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

On January 11th, Bakkt CEO Gavin Michael met with the Axios Re: Cap podcast to discuss the massive adoption of Bitcoin (BTC) and other digital assets. Michael said Bakkt plans to launch support for a number of digital currencies on the platform in the future, but XRP is not among them.

Michael declined to comment on whether the company had decided to stay out of XRP due to Ripple’s legal troubles stemming from a lawsuit from the US Securities and Exchange Commission. “Not on our platform,” said Michael, adding:

“We entered the crypto room with bitcoin, and our first currency was available. We have other currencies that are planned to be used as part of the product development. But XRP is not available.”
Michael’s comments for XRP followed the official announcement of Bakk’s plans to roll out to the public. On January 11, Intercontinental Exchange, the operator of the New York Stock Exchange and owner of Bakkt, announced its merger with VPC Impact Acquisition Holdings to allow Bakkt to enter the stock market.

Meanwhile, Ripple is fighting a $ 1.3 billion lawsuit against the company in late December. On January 8th, Ripple Chairman Brad Garlinghouse vehemently denied the “baseless SEC allegations” and said his company was “on the right side of facts and history”.

Amid Ripple’s legal woes, several crypto companies decided to remove XRP from the list. On January 6, cryptocurrency wallet provider and trading platform announced the removal of XRP, following the steps of Coinbase, Binance.US, OKCoin, and others. However, some companies like Uphold have chosen to keep XRP on their platforms pending the resolution of the SEC’s lawsuits.

Source: CoinTelegraph