Digital asset platform Bakkt set to acquire Apex Crypto for $200M

Digital plus platform Bakkt has entered into an statement to get Apex Crypto, LLC from Apex Fintech Solutions, Inc. According to the agreement, Bakkt is expected to get Apex Crypto for the terms tag of $200 million, making its archetypal outgo of $55million astatine the closing of the deal. The transaction volition apt beryllium completed by the archetypal fractional of 2023 and is taxable to regulatory approvals. 

Launched successful 2019, Apex Crypto is simply a “turnkey platform” dedicated to integrated crypto trading, built with the volition of gathering the expanding demands of much than 30 fintech firms and their increasing customers. Apex Crypto was fundamentally built “to let investors to modulation betwixt trading equities and cryptocurrency by offering businesslike relationship opening and backing solutions” portion handling analyzable crypto-related regulatory and licensing obligations.

Bakkt’s acquisition of Apex Crypto is poised to boost Bakkt’s cryptocurrency merchandise offering and grow its lawsuit basal to see fintechs, trading app platforms, and neo-banks, providing crypto solutions to Apex’s 220+ clients. The collaborative effort is expected to accelerate merchandise innovation and improvement for crypto products, specified arsenic staking, outer transfers, and nonfungible tokens (NFTs). Overall, the woody is expected to bolster and diversify Bakkt’s gross arsenic it scales its offerings.

Related: Bakkt crypto speech partners with Google for payments.

Launched by the Intercontinental Exchange successful 2018, Bakkt archetypal offered BTC futures contracts exclusively to accredited investors. In March 2021, the level released a payments app allowing users to usage crypto to marque purchases, designed to “amplify user spending, trim outgo costs, and bolster merchant loyalty programs.”

Bakkt experienced a seemingly slower rollout than galore successful the abstraction anticipated. The level was initially aimed astatine the organization adoption of crypto, earlier shifting to retail-focused apps and institutional-facing Bitcoin (BTC) futures contracts.

In October 2021, Bakkt went nationalist with a merger via a peculiar intent acquisition company, VPC Impact Acquisition Holdings. At the clip of the launch, BKKT shares traded connected the New York Stock Exchange for $9.45 but are presently trading astatine $2.00 astatine clip of publication.