Bakkt Acquires Turnkey Platform Apex Crypto to Bolster Digital Asset Footprint

Digital asset manager Bakkt Holdings, Inc., announced on Thursday that the company has acquired the firm Apex Crypto from Apex Fintech Solutions. Bakkt detailed that the acquisition of the turnkey crypto platform aims to “bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals.”

Bakkt to Expand Client Verticals With Different Offerings by Acquiring Apex Crypto

On Nov. 3, 2022, Bakkt announced that the company has purchased a “turnkey” crypto-trading platform called Apex Crypto, a platform that offers trading solutions, custody, and more for a myriad of crypto assets. Bakkt acquired the firm from Apex Fintech Solutions (AFS) and Bakkt says it intends to continue its commercial relationship with AFS. The company believes that Apex Crypto will further enhance Bakkt’s crypto offerings.

“We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions,” Gavin Michael, CEO of Bakkt said in a note sent to News. The CEO further noted that the acquisition makes it so Bakkt is poised to obtain more opportunities going forward.

The Bakkt executive added:

With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.

Numerous reports note that Bakkt acquired Apex Crypto for up to $200 million and under the terms of the transaction, Bakkt’s crypto solutions will be available to “Apex’s 220+ clients.” Bakkt is a spin-off from Intercontinental Exchange, Inc., (ICE) and at first, Bakkt was dedicated to bitcoin (BTC) services only. However, just over a year ago on Nov. 2, 2021, Bakkt announced it would let customers buy, sell, and store ethereum (ETH). The company also partnered with Google “to introduce digital assets to millions of consumers,” the month prior in Oct. 2021.

What do you think about Bakkt acquiring Apex Crypto? Let us know what you think about this subject in the comments section below.

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