Hassan Maishera
TL;DR
-
Bakkt is expanding into the Asian crypto market thanks to the acquisition of a 30% stake in Japanese firm Marusho Hotta.
-
The firm will be rebranded as bitcoin.jp, with Bakkt International President Phillip Lord taking over as CEO.
Bakkt Expands Into Asia
Bakkt announced on Wednesday that it has signed a deal to acquire nearly one-third of Japanese trading company Marusho Hotta (8105). This latest development signals the company’s expansion into the Asian cryptocurrency market.
In its press release, Bakkt stated that,
“As part of the transaction, Phillip Lord, President of Bakkt International, will become Chief Executive Officer of MHT, and MHT will include investing in Bitcoin and other digital assets as part of its treasury. In connection with the transaction, Bakkt has acquired the Web domain www.bitcoin.jp, which, subject to the approval of MHT’s shareholders, will become the new name of MHT.”
Bakkt added that pending shareholder approval, Marusho Hotta will be renamed bitcoin.jp, aligning its brand with its new bitcoin-centric direction. The company added that it has already secured the domain bitcoin.jp as part of the deal.
