Bakkt Acquires Apex Crypto: A Move Forward in Crypto Roadmap
Bakkt, a crypto trading platform operated by the Intercontinental Exchange (ICE), has acquired Apex Crypto, an integrated trading platform.
Gavin Michael, CEO of Bakkt, said that the acquisition will help Bakkt progress on its “crypto roadmap”. Bakkt’s acquisition of Apex Crypto will help it tap into a universe of 5.8 million crypto-enabled accounts, which will help it further establish itself as the B2B2C crypto provider of choice, according to an announcement.
Benefits of the acquisition
Apex Crypto is a turnkey platform for integrated crypto trading. According to Bakkt, the acquisition will improve its profitability and help it provide more services and reward options. It will also accelerate innovation and development.
Bakkt said that Apex Crypto serves more than 30 clients and has traded $12.5 billion worth of cryptocurrency since it went live in 2019. In addition, Bakkt will also work with more than 220 clients served by the related company Apex Fintech Solutions.
Value of the deal
Although Bakkt did not reveal the deal’s value in the press release, reports from Fortune suggest that Bakkt will pay up to $155 million in cash and stock to complete the purchase. Both parties have reportedly obtained the necessary regulatory approvals.
Background on Bakkt
The acquisition of Apex Crypto marks an exciting new chapter for Bakkt as it continues to expand its offerings in the crypto space. The platform initially launched its Bitcoin futures trading platform for institutional investors in 2019. It expanded to provide a consumer payments app in 2021 and also became a publicly traded company that same year. The move is expected to be beneficial for Bakkt, as it increases its presence in the market and allows it to tap into a wider range of potential clients.