Bakkt was one of the most successful crypto SPACs, forming partnerships with Google and Mastercard before the advent of the bear market.
it would pay $55 million in cash and stock, worth an estimated $145 million at the time, for the deal.
Launched in 2019, Apex Crypto is an integrated trading platform that handles execution, clearing, custody, cost basis, and tax services for its 30 clients. The firm has facilitated $12.5 billion in digital assets trades since inception. Gavin Michael, CEO of Bakkt, commented on the completion: "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 said it expects the transaction to bolster the company's path back to profitability through product acceleration, revenue diversification and cost synergies."Joint capabilities will unlock new opportunities that appeal to the next generation of consumers, such as crypto rewards, as well as the potential to enter international markets through partners," the firm wrote in its announcement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sen. Warren’s ‘Anti-Crypto Army’ Is Just the Beginning of Crypto’s PoliticizationUnsurprisingly, Republican and Democrat politicians have begun to politicize crypto along party lines, gckaloudis writes. Opinion for 'The Node' newsletter
Read more »
Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty – Regulation Bitcoin NewsCrypto exchange Bittrex is shutting down its U.S. operations due to 'continued regulatory uncertainty' in the U.S. cryptocurrency bitcoin
Read more »
Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is 'Way Too Sketchy' – Regulation Bitcoin NewsMad Money host Jim Cramer will not do business with Binance, warning investors that the cryptocurrency exchange is “way too sketchy.'
Read more »
US crackdown will push crypto’s 'center of gravity' to Hong Kong: Kaiko CEOAfter recently revealing that Kaiko will shift its Asia-Pacific headquarters to Hong Kong, the firm’s CEO has tipped the city to become a major player in the sector.
Read more »
German Stock Exchange Boerse Stuttgart to Provide Crypto Custody Through Licensed Subsidiary – Exchanges Bitcoin NewsBlocknox, a subsidiary of one of Europe’s largest stock exchanges, Boerse Stuttgart, has been licensed to operate as a crypto custodian.
Read more »
Bitcoin outlook: Crypto may be in a bull market now, but investors should still tread carefullySome investors see this as the beginning of a new bull market in cryptocurrencies, but others say it's still not the time to jump in.
Read more »