Bakkt Completes Acquisition of Apex Crypto: What Does it Mean for the Crypto Market?

04/03/2023 12:27 • Daily Digest • 109 views

According to reports, the digital asset platform Bakkt has completed its acquisition of Apex Crypto, and Bakkt will pay $55 million in cash and $100 million in stock. Bakkt announced its first acquisition of Apex Crypto in November 2022, but it is subject to approval from the New York Financial Services Department.

Digital asset platform Bakkt completes acquisition of Apex Crypto

On April 2022, Bakkt announced its acquisition of Apex Crypto, a digital asset platform. The deal was finalized recently, with Bakkt paying $55 million in cash and $100 million in stock. This acquisition is a significant development in the crypto market and could have far-reaching implications. In this article, we’ll delve into the details of the acquisition to understand its potential impact on the industry.

What is Bakkt?

Before we get into the specifics of the acquisition, it’s essential to know what Bakkt is. Bakkt is a digital asset platform that provides a secure and efficient way for institutions to buy, sell, and store cryptocurrency. Bakkt’s parent company, Intercontinental Exchange (ICE), is a leading operator of global exchanges, trading platforms, and clearinghouses.
Bakkt was launched in 2018, with the goal of creating a regulated ecosystem for cryptocurrency. Since then, Bakkt has partnered with several companies, including Starbucks, to enable customers to buy coffee with cryptocurrency.

The Apex Crypto Acquisition

As mentioned earlier, the acquisition of Apex Crypto was announced in November 2022. Bakkt’s intention to acquire a cryptocurrency custodian was seen as a significant step towards its goal of creating a regulated ecosystem. The acquisition was subject to approval from the New York Financial Services Department.
With the completion of the acquisition, Bakkt now owns Apex Crypto’s advanced institutional infrastructure, including its custody and trading capabilities. This move strengthens Bakkt’s position as a leader in the crypto market and could boost its credibility with institutional investors.

What Does it Mean for the Crypto Market?

The acquisition of Apex Crypto is significant for the crypto market, primarily because of Bakkt’s reputation as a leader in the industry. Bakkt’s focus on regulation and security has made it an attractive platform for institutional investors. With the acquisition of Apex Crypto, Bakkt can now offer its customers enhanced custody and trading capabilities, strengthening its position in the market.
The acquisition could lead to increased institutional adoption of cryptocurrency. The partnership between Bakkt and Starbucks, for instance, has created a way for customers to pay for coffee with Bitcoin. Such a development could help drive mainstream adoption of cryptocurrency.
The acquisition could also result in increased competition in the market. Bakkt’s enhanced capabilities could prompt other companies to bolster their infrastructure to compete. This could lead to a more robust and regulated crypto market.

Conclusion

Bakkt’s acquisition of Apex Crypto is a significant development in the crypto market. The acquisition strengthens Bakkt’s position as a leader and could lead to increased institutional adoption of cryptocurrency. The move could also result in increased competition in the market, leading to a more robust and regulated ecosystem.

FAQs

1. What is Bakkt, and who owns it?
– Bakkt is a digital asset platform that provides a secure and efficient way for institutions to buy, sell, and store cryptocurrency. It is owned by Intercontinental Exchange (ICE).
2. What did Bakkt acquire from Apex Crypto?
– With the completion of the acquisition, Bakkt now owns Apex Crypto’s advanced institutional infrastructure, including its custody and trading capabilities.
3. What could the acquisition mean for the crypto market?
– The acquisition could lead to increased institutional adoption of cryptocurrency and could result in increased competition in the market.

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