According to Cointelegraph, on April 3, 2023, Bakkt, a digital asset platform, announced the payment of all investments with Apex Crypto LLC, a blockchain technology-based corporation. According to reports, Bakkt would pay Apex Crypto LLC $55 million in cash and equity valued at around $145 million.
“This purchase represents an exciting new chapter for Bakkt, dramatically advancing aspects of our crypto roadmap, allowing us to tap into a world of 5.8 million crypto-enabled accounts, and further establishing it as the B2B2C crypto provider of choice,” remarked Gavin Michael, CEO of Bakkt, according to Cointelegraph.
Bakkt Has Made A Deal With Apex Crypto
“Joint capabilities will uncover new prospects that appeal to the next generation of customers, such as crypto incentives, as well as the ability to access overseas markets through partners,” it continued, according to Cointelegraph. Apex Crypto, which debuted in 2019, is a complete platform that includes execution, clearing, custody, cost basis, and tax services for its 30 clients. Since its establishment, the company has enabled $12.5 billion in digital asset trades. Bakkt anticipates the deal will help the company’s return to profitability by accelerating product development, diversifying revenue, and reducing costs.
“Joint capabilities will unleash new prospects that appeal to the next generation of customers, such as crypto incentives, as well as the opportunity to access overseas markets through partners,” the company said in a statement. Bakkt will go public on the New York Stock Exchange in October 2021 at a price of $10 per share through a Special Purpose Vehicle Acquisition deal. The transaction valued it at $2.1 billion and provided the company with $50 million in new financing. Immediately after the IPO, news of a deal with Mastercard to incorporate cryptocurrencies into its products sent its shares up more than 100%. With a market worth of $451 million, the stock has fallen 83% since then.
