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- The majority of the delisted tokens are linked to prominent NFT and DeFi ecosystems.
- Bakkt acquired Apex for a total of $145 million in shares and $55 million in cash.
Out of thirty-six crypto tokens, twenty-five were removed from Bakkt’s newly acquired Apex Crypto trading platform. A representative from the company clarified the decision on May 12, stating it was “part of our regular coin listing review process.”
Details are limited. However, it is noted that most of the delisted tokens are connected to notable non-fungible tokens (NFTs) and decentralized finance (DeFi) ecosystems. In a bid to enhance its standing in the financial technology sector, Bakkt announced its plan to acquire the unprofitable Apex Crypto in November 2022.
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Emphasizing Business-to-Business
Apex Crypto manages execution, clearing, custody, cost basis, and tax services. It operates as a “turnkey” solution catering to five million users through thirty fintech firms. Bakkt completed the acquisition in April for a total of $145 million in shares and $55 million in cash.
A financial report reveals that in February, Bakkt acquired a broker-dealer license from Bumped Financial. In March, Bakkt indicated it would shift its focus towards business-to-business operations rather than its consumer-oriented app that offered crypto trading, loyalty rewards, and gift cards.
Bakkt has previously stated its intention to deliver crypto and loyalty services to businesses through service-as-a-sale and API solutions. Intercontinental Exchange, which also owns the New York Stock Exchange, holds a controlling interest in Bakkt.
Conversely, Apex Crypto is a ready-to-use platform designed for integrated crypto trading, tailored to meet the growing needs of fintechs, trading applications, neobanks, and their clients. Bakkt’s leading platform solutions will be accessible to the 220+ clients served by the merged entities within Apex Fintech Solutions, as agreed upon during the acquisition.
