IMG-LOGO

Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint

News Feed - 2022-11-04 04:11:59

Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint


Digital asset manager Bakkt Holdings, Inc., announced on Thursday that the company has acquired the firm Apex Crypto from Apex Fintech Solutions. Bakkt detailed that the acquisition of the turnkey crypto platform aims to “bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals.” Bakkt to Expand Client Verticals With Different Offerings by Acquiring Apex Crypto


On Nov. 3, 2022, Bakkt announced that the company has purchased a “turnkey” crypto-trading platform called Apex Crypto, a platform that offers trading solutions, custody, and more for a myriad of crypto assets. Bakkt acquired the firm from Apex Fintech Solutions (AFS) and Bakkt says it intends to continue its commercial relationship with AFS. The company believes that Apex Crypto will further enhance Bakkt’s crypto offerings.


“We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions,” Gavin Michael, CEO of Bakkt said in a note sent to Bitcoin.com News. The CEO further noted that the acquisition makes it so Bakkt is poised to obtain more opportunities going forward.


The Bakkt executive added: With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.


Numerous reports note that Bakkt acquired Apex Crypto for up to $200 million and under the terms of the transaction, Bakkt’s crypto solutions will be available to “Apex’s 220+ clients.” Bakkt is a spin-off from Intercontinental Exchange, Inc., (ICE) and at first, Bakkt was dedicated to bitcoin (BTC) services only. However, just over a year ago on Nov. 2, 2021, Bakkt announced it would let customers buy, sell, and store ethereum (ETH). The company also partnered with Google “to introduce digital assets to millions of consumers,” the month prior in Oct. 2021. Tags in this story AC, AFS, Apex Crypto, Apex Fintech Solutions, Bakkt, Bakkt CEO, Bakkt CEO Gavin Michael, Bakkt Crypto, Bitcoin (BTC), crypto services, Digital Assets, Digital Currencies, Ethereum (ETH), Gavin Michael, Google, ICE, Intercontinental Exchange, NFTs, Non-fungible tokens, Rewards, Verticals


What do you think about Bakkt acquiring Apex Crypto? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Report: South Korean Prosecutors Accuse Do Kwon of Manipulating LUNA"s Market Price NEWS | 12 hours ago Santander UK Limits Cryptocurrency Exchange Transactions, Bank Says Investing in Crypto "Can Be High Risk" NEWS | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSwiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design