Bakkt delists majority of tokens from recently acquired Apex Crypto platform

Digital asset firm Bakkt has dropped 25 of the 36 crypto tokens listed on its recently acquired trading platform Apex Crypto.

On May 12, a spokesperson for the company told Cointelegraph that the decision was “part of our regular coin listing review process,” adding:

“Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”

Further details are sparse, but most of the dropped tokens are tied to popular decentralized finance and nonfungible token ecosystems.

The delisted tokens include Aave (AAVE), ApeCoin (APE), 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), Uniswap (UNI) and Yearn.finance (YFI).

In November 2022, Bakkt announced plans to acquire the unprofitable Apex Crypto to gain a greater foothold in the fintech market. Apex Crypto, a so-called “turnkey” service, carries out execution, clearing, custody, cost basis and tax services for five million customers through 30 fintech clients. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.

Related: Bakkt president Adam White announces departure from digital asset platform

Bakkt acquired a broker-dealer license from Bumped Financial in February, according to a financial statement.

In March, Bakkt shut down its retail-oriented app that offered crypto trading, loyalty rewards and gift cards, saying it would concentrate on business-to-business operations. Bakkt stated then that it would provide crypto and loyalty to businesses through service-as-a-sale and application programming interface solutions.

Bakkt is majority owned by Intercontinental Exchange, which also owns the New York Stock Exchange. Its stock closed down 7% on May 12. 

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