Home Crypto News Bakkt delists majority of tokens from just lately acquired Apex Crypto platform

Bakkt delists majority of tokens from just lately acquired Apex Crypto platform

by Cryptoroz

Digital asset agency Bakkt has dropped 25 of the 36 crypto tokens listed on its just lately acquired buying and selling platform Apex Crypto.

A spokeswoman for the corporate instructed Cointelegraph on Could 12 that the choice was “a part of our common coin itemizing assessment course of,” and added that:

“Our shoppers’ and their shoppers’ greatest pursuits are our core dedication, and our assessment course of ensures these pursuits are greatest served after we ponder essentially the most up-to-date regulatory steerage and the most recent business developments.”

Additional particulars are sparse at this stage, nonetheless a lot of the dropped tokens are tied to widespread decentralized finance and nonfungible token ecosystems.

The delisted tokens embody: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Community Token (BNT), Primary Consideration 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), Web Laptop (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and Yearn Finance (YFI).

Bakkt introduced plans to amass the unprofitable Apex Crypto in November to achieve a higher toehold within the fintech market that Apex catered to. Apex Crypto, a so-called “turnkey” service carries out execution, clearing, custody, price foundation and tax providers for five million clients by way of 30 fintech clients. Bakkt accomplished the acquisition in April for $55 million in money and $145 million in inventory.

Associated: Bakkt president Adam White declares departure from digital asset platform

Bakkt acquired a broker-dealer license from Bumped Monetary in February, it disclosed in a monetary assertion.

In March, Bakkt shut down its retail-oriented app that provided crypto buying and selling, loyalty rewards and reward playing cards, saying it will focus on B2B operations. Bakkt said on the time that it will present crypto and loyalty to companies by way of SaaS and API options.

Bakkt is majority owned by Intercontinental Alternate, which additionally owns the New York Inventory Alternate. Its inventory closed down 7% on Could 12. 

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?

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