Bakkt, Crypto Firm Once Backed by Starbucks and Mastercard, Faces Cash Crunch in Rapidly Evolving Industry
Digital asset firm Bakkt, which counts Starbucks and Mastercard as former partners, revealed in a recent SEC filing that it is facing financial difficulties. The company stated that the rapidly evolving environment in the crypto industry has led to uncertainty and a potential shortage of cash to sustain operations over the next year. The revelation comes as Bakkt recently announced plans for international expansion and shifted its strategy to focus on providing crypto trading and custody services to financial institutions and fintech companies. The company is now seeking additional financing to meet its needs and overcome the challenges posed by market downturns and regulatory scrutiny.
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