Bakkt implements changes to recently acquired Apex Crypto.
Bakkt, a digital asset company, has recently removed 25 of 36 cryptocurrency tokens from its newly bought trading platform, Apex Crypto.
On May 12th, a spokesperson for Bakkt revealed that the move was part of a routine review of coin listings.
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The majority of removed tokens are associated with decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.
The list of removed tokens includes 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), Syntehtix (SNX), Texos (XTZ), Uniswap (UNI), and Yearn.finance (YFI).
When asked about the delisting of certain digital tokens, a Bakkt spokesperson noted:
The best interests of our clients and their consumers are our primary concern. We ensure these interests are prioritized by always taking into account the most recent industry developments and regulatory guidance.
Bakkt announced its intention to acquire Apex Crypto, a struggling platform, in November 2022.
At the time of purchase, Apex Crypto offered services like execution, clearing, custody, cost basis, and tax services to five million customers via 30 fintech clients. The acquisition was finalized in April, costing Bakkt $55 million in cash and $145 million in stock.
Recently, Bakkt closed its retail-focused app, which offered cryptocurrency trading, loyalty rewards, and gift cards. Instead, the company decided to concentrate on business-to-business operations.
Bakkt's recent decision to remove most tokens from its newly acquired platform signals the company's strategic approach, which aligns with regulatory guidance and industry trends. However, the outcome of this move is yet to be determined.
