Bakkt Streamlines Apex Crypto Platform By Removing 25 Tokens
In a recent development, the digital asset firm Bakkt delisted 25 tokens used in decentralized finance transactions from its trading platform, Apex Crypto. Bakkt acquired the platform in 2022 with 36 tokens, now 11 after the overhaul exercise.
According to the firm, its reasons for delisting the tokens was to follow “up-to-date regulatory guidance.”
25 Tokens Failed Bakkt Coin Listing Review Process
Bakkt performed its normal coin listing reviews, after which it removed 25 tokens from the platform.
A Bakkt representative said the company aims to protect its customers’ best interests. As such, the review process focuses on how to serve those interests based on the latest industry developments and up-to-date regulatory guidance.
As of press time, the firm hasnt released more details on the action. But the tokens were major ones that facilitated DeFi transactions.
These tokens include Aave (AAVE), Bancor Network Token (BNT), ApeCoin (APE), Basic Attention Token (BAT), Avalanche (AVAX), Cosmos (ATOM), Filecoin (FIL), Curve DAO (CRV), Chainlink (LINK).
Also, Compound Token (COMP), Enjin Coin (ENJ), Chiliz (CHZ), Fantom (FTM), GALA (GALA), Loopring (LRC), The Graph (GRT), Maker DAO (MKR), and Internet Computer (ICP) were delisted.
Other ones include Sushiswap (SUSHI), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), and Texos (XTZ).
This is not the first time Bakkt has made a major decision regarding its customer-oriented services. The firm shut down its retail app that supports crypto trading, gift cards, and loyalty rewards in February 2023.
At that time, the firm disclosed plans to focus on B2B technology solutions stating that it would offer crypto and loyalty rewards to businesses via API and SaaS solutions.
Apex Crypto Acquisition A Strategic Move To Expand Offerings
Apex Crypto was launched in 2019 as a turnkey platform for integrated crypto trading, allowing investors to transition from equity to crypto.
In November 2022, Bakkt acquired Apex Crypto to expand its services to neo-banks, fintech firms, and trading app platforms. Notably, the trading platform wasnt profitable at the time.
But Bakkt wanted to boost its revenue by increasing its offerings through the trading platform. So, it acquired Apex Crypto for $200 million.
After the deal, Bakkt made the first payment of $55 million in cash and completed the payment in April 2023 with $145 million in stock.
Bakkt went public in October 2021 through a merger with VPC Impact Acquisition Holdings.
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