Bakkt, A Digital Asset Exchange, To Pay $200 Million To Purchase Apex Crypto

Bakkt and Apex Fintech Solutions have a contract in place for Bakkt to buy Apex Crypto. The parent firm of Apex Fintech Solutions is Apex Crypto, LLC, whereas Bakkt is a platform for digital assets. Bakkt would pay two hundred million Dollars to acquire Apex Crypto.

The Conditions of The Contract

The firm must pay $55 million as the first installment upon closing. It is anticipated that the transaction will be concluded in the first half of 2023. However, its completion depends on getting approval from the proper regulatory organizations.

2019 saw the launch of Apex Crypto, a “turnkey platform” for integrated crypto trading. It was developed to satisfy the needs of more than 30 fintech businesses and their expanding customer base. Apex Crypto’s design makes it easier for investors to switch between trading stocks and cryptocurrencies. It does this by providing effective account opening and financing options.

Regulatory and licensing needs for the cryptocurrency industry were addressed by Apex Crypto while finishing this. Bakkt is prepared to expand its clientele and enhance its portfolio of cryptocurrency products. After acquiring Apex Crypto, the business will broaden its scope to include neo-banks, trading app platforms, and other financial technology companies. 

Apex’s more than 220 clients will also be able to get crypto solutions from Bakkt. As the company grows, the purchase is anticipated to enhance and diversify Bakkt’s income streams.

A Look at Bakkt’s Future

Only accredited investors were granted early access to Bakkt. However, soon after the Intercontinental Exchange launched it in 2018, it started providing Bitcoin futures contracts. The platform unveiled the payments app in March 2021. Users of the payment app could buy things using bitcoin. Customer spending, payment costs, and store loyalty programs were the goals of the software.

The implementation of Bakkt is slower than many industry players had anticipated. This is because the platform’s main goal was to speed up the adoption of cryptocurrencies by institutions before it focused on programs geared at consumers and BTC futures contracts.

Bakkt went public in October 2021 after merging with another company, VPC Impact Acquisition Holdings. At the time of the launch, shares in Bakkt were going for $9.45 on the NYSE in New York. At the time of writing, they are currently selling at $2.00.


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