- Most of the abandoned tokens are associated with well-known NFT and DeFi ecosystems.
- For a total of $145 million in shares and $55 million in cash, Bakkt acquired Apex.
Twenty-five of the thirty-six crypto tokens were removed from Bakkt’s newly acquired Apex Crypto trading platform. A business spokesperson explained the change on May 12 by saying it was “part of our regular coin listing review process.”
Fewer specifics are available. Although most of the abandoned tokens are associated with well-known non-fungible tokens (NFTs) and decentralized financial (DeFi) ecosystems. In an effort to strengthen its position in the financial technology industry. Bakkt revealed its intention to buy the loss-making Apex Crypto in November 2022.
Focusing on Business-to-Business
Execution, clearing, custody, cost basis, and tax services are all handled by Apex Crypto. It is a “turnkey” business that serves five million users via thirty fintech companies. For a total of $145 million in shares and $55 million in cash, Bakkt finalized the purchase in April.
A financial statement indicates that in February, Bakkt purchased a broker-dealer license from Bumped Financial. In March, Bakkt said it will focus on business-to-business rather than its consumer-facing app that provided crypto trading, loyalty incentives, and gift cards.
Bakkt has previously announced that it will provide crypto and loyalty to companies through service-as-a-sale and API solutions. Intercontinental Exchange, which also controls the New York Stock Exchange, has a controlling stake in Bakkt.
Apex Crypto, on the other hand, is a ready-to-use platform for integrated crypto trading that was built to serve the expanding demands of fintechs, trading applications, neobanks, and their clients. Bakkt’s premier platform solutions will be made available to the 220+ customers serviced by the merged companies inside Apex Fintech Solutions, as was agreed upon during the purchase.