Bakkt, a platform for digital assets, has entered into a deal with Apex Crypto, LLC’s parent company, Apex Fintech Solutions, Inc., to purchase Apex Crypto. In accordance with the terms of the agreement, Bakkt is required to buy Apex Crypto at a cost of $200 million, with the company making its first payment of $55 million upon the successful completion of the transaction. The acquisition will most likely be finalised during the first half of 2023, although its conclusion is contingent on receiving clearance from relevant regulatory bodies.
Apex Crypto is a “turnkey platform” devoted to integrated crypto trading that was released in 2019. It was designed with the purpose of addressing the rising needs of more than 30 fintech enterprises and their expanding client base. Apex Crypto was built in 2019. Apex Crypto was essentially developed “to allow investors to transition between trading equities and cryptocurrency by offering efficient account opening and funding solutions.” All of this was done while Apex Crypto took care of the complicated regulatory and licensure needs for crypto.
Apex Crypto aims to switch investors from stocks to trading cryptocurrency:
Bakkt is ready to improve its cryptocurrency product offering and extend its client base to include fintech organisations, trading app platforms, and neo-banks as a result of its purchase of Apex Crypto. Additionally, Bakkt will be able to provide crypto solutions to Apex’s more than 220 customers. Staking, external transfers, and non fungible tokens are some of the crypto goods that are projected to benefit from the joint effort’s anticipated acceleration of product invention and development. Overall, it is expected that the purchase will make Bakkt’s income streams stronger and more diverse as the company grows.
Bakkt was once only available to authorised investors when it began offering Bitcoin BTC tickers down $20,357 futures contracts in 2018, when it was originally launched by the Intercontinental Exchange. The payments app, which allowed users to make purchases using cryptocurrency and was introduced by the platform in March 2021, was aimed to “increase consumer spending, lower payment costs, and strengthen retailer loyalty programmes.”
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