In a move aligning with the latest regulatory advice, Bakkt, a prominent digital asset company, has significantly reduced the number of cryptocurrencies available on its recently acquired trading platform, Apex Crypto. The delisting involved several key tokens commonly used in the thriving Decentralized Finance (DeFi) sector. The company confirmed the removal of a total of 25 out of the 36 previously listed crypto tokens.
Bakkt’s Client-Centric Approach in Crypto Delisting
At the heart of Bakkt’s operations is a steadfast commitment to its clients and their consumers. This commitment drives their review process, which is designed to ensure that the best interests of their customers align with the latest regulatory instructions and the most recent industry trends.
However, details regarding this sweeping delisting remain limited. It’s apparent, though, that most eliminated tokens are associated with popular DeFi and Non-Fungible Token (NFT) ecosystems.
The list of delisted tokens comprises of some notable names: Aave, ApeCoin, Avalanche, Chainlink, Cosmos, Enjin Coin, Uniswap, Tezos, and others.
The Backstory: Bakkt’s Acquisition of Apex Crypto
To secure a stronger foothold in the fintech market, Bakkt announced its plans to acquire Apex Crypto, a struggling platform, back in November. Apex Crypto, recognized as a ‘turnkey’ service, provides execution, clearing, custody, cost basis, and tax services to an impressive 5 million customers via 30 fintech clients.
Bakkt officially completed the $200 million acquisition in April, comprising $55 million in cash and $145 million in stock.
In February, Bakkt disclosed in a financial statement that it had secured a broker-dealer license from Bumped Financial. A month later, it closed its retail-oriented app, which offered crypto trading, loyalty rewards, and gift cards.
The company said it would pivot its focus to B2B operations, offering crypto and loyalty solutions to businesses via SaaS and API solutions.
The Parent Company and the Financial Impact
Intercontinental Exchange, also the New York Stock Exchange owner, holds the majority stake in Bakkt. Following the delisting announcement, the company’s stock closed down 7% on May 12.
Bakkt’s decision to delist many crypto tokens indicates its strategic alignment with evolving regulatory guidance. As the company continues to make calculated moves in the competitive crypto landscape, it remains to be seen how this decision will impact its future market position.
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