DOJ names first director of National Cryptocurrency Enforcement Team as Bakkt reports Q4 earnings
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
DOJ APPOINTS CRYPTO ENFORCEMENT LEADER: The Justice Department announced Thursday the selection and appointment of Eun Young Choi to serve as the first Director of the National Cryptocurrency Enforcement Team, which was established to “ensure the department meets the challenge posed by the criminal misuse of cryptocurrencies and digital assets, and comprises attorneys from across the department, including prosecutors with backgrounds in cryptocurrency, cybercrime, money laundering and forfeiture.” Choi most recently served as Senior Counsel to the Deputy Attorney General.
BAKKT REPORTS Q4 EARNINGS: On Thursday, Bakkt (BKKT) reported fourth quarter revenue of $13.7M, which compared to analyst estimates of $9.1M. Transacting accounts of 867,000 in the fourth quarter of 2021 increased 13% year-over-year. “Our impressive revenue growth in the fourth quarter and full year reflects the strong momentum we are seeing across our platform as we continue to diversify our future revenue streams,” said Gavin Michael, CEO of Bakkt. “We are excited to provide crypto services, loyalty and payments to our growing list of signed partners. We’re working closely with our partners to launch new solutions such as crypto rewards and crypto disbursements in the near-term. In addition, we will be expanding on our offerings to enable open loop crypto wallets and offer additional cryptos on our platform. We have a strong balance sheet and are well-capitalized to grow our business.” The company also guided to 2022 revenue of $60M-$80M, which compares to one analyst estimate of $72.34M, and quarterly net losses during 2022.
To see the rest of the story Click Here.