Digital asset firm Bakkt recently dropped 25 of the 36 crypto tokens listed on its recently acquired trading platform, Apex Crypto. The decision was made as part of Bakkt’s regular coin listing review process, according to a company spokeswoman.
Bakkt says the decision was made after an internal review
The delisted tokens include popular decentralized finance and nonfungible token ecosystems such as Aave, Chainlink, Curve DAO, Enjin Coin, Sushiswap, and Yearn Finance. The decision has raised questions about the company’s plans for the future and its commitment to the cryptocurrency market.
Bakkt announced plans to acquire Apex Crypto in November 2021 to gain a greater foothold in the fintech market that Apex catered to. Apex Crypto, a so-called “turnkey” service, carries out execution, clearing, custody, cost basis, and tax services for 5 million customers through 30 fintech customers.
The firm completed the acquisition in April for $55 million in cash and $145 million in stock. However, this latest decision to drop 25 of the 36 crypto tokens from the platform raises questions about the company’s strategy for the future.
The decision to drop these tokens is in line with Bakkt’s commitment to its clients and their consumers. Bakkt’s review process ensures that their interests are best served when they contemplate the most up-to-date regulatory guidance and the latest industry developments.
The firm will focus on its B2B market
With the crypto market constantly evolving, companies like Bakkt need to be agile and adaptive to meet the needs of their clients.
Bakkt’s decision to drop these tokens may be a sign that they are focusing on the most popular and stable cryptocurrencies, such as Bitcoin and Ethereum, to ensure the best returns for their clients.
It may also be an indication that they are keeping up with regulatory changes and looking to avoid any potential legal issues. Whatever the reason, Bakkt’s decision to drop these tokens has caused some concern in the cryptocurrency market, with many wondering what the company’s plans are for the future.
Bakkt is majority-owned by Intercontinental Exchange, which also owns the New York Stock Exchange. Its stock closed down 7% on May 12, reflecting concerns about the company’s strategy and the potential impact on its financial performance.
However, Bakkt remains committed to the cryptocurrency market and is looking for new ways to grow and expand its business. The company recently acquired a broker-dealer license from Bumped Financial, which will allow it to offer new services to its clients.
Overall, Bakkt’s decision to drop 25 of the 36 crypto tokens from its trading platform raises questions about the company’s strategy and its commitment to the cryptocurrency market. While some may see this as a sign that the company is focusing on the most popular and stable cryptocurrencies, others may be concerned that the company is not adapting quickly enough to meet the changing needs of its clients.
