Digital Asset Manager Bakkt To Acquire Apex Crypto for $200M

Author: Sohrab Khawas

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    Apex Crypto, LLC, a digital asset platform, will get Bakkt from Apex Fintech Solutions, Inc. According to the contract, Bakkt will pay the first installment of $55 million to close the deal to buy Apex Crypto for $200 million. The transaction, subject to regulatory approvals, is expected to close in the first half of 2023.

    Apex Crypto, which debuted in 2019, is a “turnkey platform” dedicated to integrated crypto trading and is designed to fulfill the expanding expectations of more than 30 fintech companies and their growing clients. Apex Cryptos has a mission “to enable investors to migrate between trading stocks and cryptocurrency, that will provide efficient account opening and funding alternatives” while also addressing complex crypto-related regulatory and licensing needs.

    Following Bakkt’s acquisition of Apex Crypto, Apex’s 220+ clients will be able to access cryptocurrency solutions due to Bakkt’s expanded clientele of fintech companies, trading platforms, and neobanks. The coordinated effort is likely to hasten the creation and innovation of cryptographic goods, including staking, external transfers, and non-fungible tokens (NFTs). 

    Crypto Payments On Bakkt 

    Bakkt, which was launched by the Intercontinental Exchange in 2018, initially provided $20785 Bitcoin futures contracts to approved investors only. In March 2021, the platform launched a payments app that allows users to make purchases using cryptocurrency, with the goal of “amplifying consumer spending, lowering payment costs, and bolstering retailer loyalty programs.”

    Bakkt’s expansion seems to be slower than many in the field initially anticipated. Before switching to retail-oriented apps and institutional-facing Bitcoin futures contracts, the platform was solely focused on the institutional adoption of cryptocurrencies.

    Bakkt went public in October 2021 after merging with VPC Impact Acquisition Holdings, a business created for the purpose of acquisitions. Shares in Bakkt were valued at $9.45 at the time of the company’s launch, but as of the time of publication, they are now valued at $2.00 on the New York Stock Exchange.

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