Bakkt Drops 23 Cryptocurrency Tokens in Massive Delisting Move
Bakkt, the crypto business of Intercontinental Exchange, recently announced the delisting of several digital assets, including popular DeFi tokens.
The move aims to prioritize the best interests of Bakkt’s clients and consumers while considering industry developments and regulatory guidance. According to a spokesperson for Bakkt, this decision was made as part of their routine coin listing review process following the acquisition of Apex Crypto.
The following 23 cryptocurrencies will be removed from the exchange: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), and Uniswap (UNI).
Bakkt’s acquisition of Apex Crypto was completed on April 1, 2022, as part of its strategic shift toward B2B operations and away from retail. This change followed the closure of their consumer crypto trading app after two years of operation. Despite struggling to gain market traction, Bakkt’s stock has experienced a 3.45% increase year-to-date but a decline of almost 40% over the past six months.
Given the increased regulatory scrutiny of the crypto industry, Bakkt’s decision to delist certain tokens is not entirely unexpected. However, it remains uncertain whether this move will positively impact Bakkt’s business prospects in the long term.
READ MORE: Coinbase Manager’s Insider Trading Saga Ends with a 2-Year Prison Term
Launched in 2018 by Intercontinental Exchange, Bakkt is a cryptocurrency exchange and digital assets platform. Its parent company, Intercontinental Exchange, is also the owner of the New York Stock Exchange (NYSE).
Bakkt facilitates the purchase, sale, storage, and spending of cryptocurrencies like Bitcoin (BTC), primarily targeting institutional investors. Notably, Bakkt has formed partnerships with major companies like Starbucks (NASDAQ: SBUX), enabling customers to use Bitcoin as a payment method for coffee and other products.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
