{"id":39496,"date":"2022-11-04T01:58:27","date_gmt":"2022-11-04T05:58:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39496"},"modified":"2022-11-04T01:58:30","modified_gmt":"2022-11-04T05:58:30","slug":"bakkt-is-ready-to-pay-200-million-for-apex-crypto","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bakkt-is-ready-to-pay-200-million-for-apex-crypto\/","title":{"rendered":"Bakkt is ready to pay $200 million for Apex Crypto"},"content":{"rendered":"\n
The company claimed that as Bakkt <\/a>expands its product line, the acquisition will diversify and boost revenue.<\/h5>\n\n\n\n
\"Bakkt
Bakkt is ready to pay $200 million for Apex Crypto<\/figcaption><\/figure>\n\n\n\n

Apex Crypto, LLC will be purchased by digital asset platform Bakkt from Apex Fintech Solutions<\/a>, Inc. According to the contract, Bakkt will pay its first payment of $55 million at the closure of the sale in order to purchase Apex Crypto for $200 million. The transaction is pending regulatory clearances and is anticipated to close in the first half of 2023.<\/p>\n\n\n\n

Apex Crypto, a “turnkey platform” for integrated crypto trading that was introduced in 2019, was created with the goal of satisfying the growing needs of more than 30 fintech companies and their expanding clientele. In essence, Apex Crypto\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> was created “to enable investors to switch between trading stocks and cryptocurrency by providing effective account opening and funding alternatives” while managing intricate crypto-related regulatory and licensing duties.<\/p>\n\n\n\n

Following Bakkt's acquisition of Apex Crypto, Apex's 220+ clients will be able to access cryptocurrency solutions thanks to Bakkt's expanded clientele of fintech companies, trading platforms, and neo-banks. The coordinated effort is anticipated to hasten the creation and innovation of cryptographic goods including staking, external transfers, and nonfungible tokens (NFTs). Overall, it is anticipated that the transaction will increase and diversify Bakkt's revenue as it expands its operations.<\/p>\n\n\n\n

When Bakkt was first introduced by the Intercontinental Exchange in 2018, it only made Bitcoin futures contracts<\/a> available to accredited investors. The platform unveiled a payments app in March 2021 that enables users to pay with cryptocurrency. This app is intended to “increase consumer spending, lower payment costs, and strengthen retailer loyalty programs.”<\/p>\n\n\n\n

Bakkt's deployment appeared to be slower than many in the industry had anticipated. Before pivoting to retail-oriented apps and institutional-facing Bitcoin futures contracts, the platform was previously focused on the institutional adoption of cryptocurrencies.<\/p>\n\n\n\n

Bakkt went public in October 2021 after merging with VPC Impact Acquisition Holdings, a special-purpose acquisition firm. BKKT shares were trading for $9.45 per share on the New York Stock Exchange<\/a> when the company was first launched, but as of the time of publication, they are now worth $2.00.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company claimed that as Bakkt expands its product line, the acquisition will diversify and boost revenue. Apex Crypto, LLC will be purchased by digital asset platform Bakkt from Apex Fintech Solutions, Inc. According to the contract, Bakkt will pay its first payment of $55 million at the closure of the sale in order to […]<\/p>\n","protected":false},"author":38,"featured_media":39500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/image_1127526799.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39496"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39496\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/39500"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}