Bakkt acquires Apex Crypto for $200M

Bakkt acquires Apex Crypto for $200M

Altcoin news, News

The blockchain technology platform Bakkt has finished acquiring Apex Crypto LLC on April 3, as it had previously stated. Bakkt said in November that it will acquire the trading platform for $55 million in cash and equity for an estimated $145 million.

The 2019-launched platform Apex Crypto provides its 30 clients with execution, clearing, custody, cost basis, and tax services. The business has conducted trades of digital assets totaling $12.5 billion since its inception.

Gavin Michael, CEO of Bakkt, stated: “This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice.” 

Bakkt stated that it anticipates the acquisition to support the business’s return to profitability through cost synergies, revenue diversification, and product acceleration. 

The company stated in its announcement that “joint capabilities will uncover new prospects that appeal to the next generation of consumers, such as cryptocurrency rewards, as well as the ability to reach international markets through partners.”

Compiled by Coinbold