Bakkt, a crypto business owned by Intercontinental Exchange, stopped its consumer app in February and is now focusing less on individual customers.
Due to regulatory guidance and changes in the industry, Bakkt has decided to remove several digital assets, including popular decentralized finance (DeFi) tokens, from its offerings.
Bakkt has removed several tokens from its offerings. The tokens that are no longer available are: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), and Uniswap (UNI).
According to a spokesperson, Bakkt will acquire Apex Crypto for a total maximum price of $200 million. Initially, Bakkt paid $55 million when the deal was completed, and the remaining amount of up to $145 million will be paid in Bakkt stock. The final payment will depend on Apex’s financial performance and its ability to meet specific targets until 2025.
As part of its transition from retail to business-to-business (B2B) operations, the company decided to close its consumer crypto trading app after operating it for two years. However, the exchange has faced challenges in attracting a large number of traders and achieving a strong market presence. In the last quarter, its quarterly revenues amounted to $13 million, which was 10% lower than what analysts had expected on average.
Bakkt’s stock has shown a 3.45% increase year-to-date, but it has experienced a decline of nearly 40% over the past six months.