The deal between Bakkt and Apex Crypto is still subject to regulatory approval.
Alpharetta, Georgia-based digital currency services firm, Bakkt Holdings Inc (NYSE: BKKT) has inked a deal to acquire Apex Crypto LLC, a subsidiary of Apex FinTech Solutions Inc. As contained in an announcement from the Bakkt, the transaction is worth a total of $200 million, however, only about $55 million will be paid in cash after the deal closes.
Bakkt said integrating Apex Crypto into its ecosystem infrastructure stack will go a long way toward enhancing its push to continually drive delightful, connected experiences for a broad range of clients. Bakkt said Apex Crypto will help it expand both its product offerings and client verticals which will now span crypto firms, fintechs, and neo-banks amongst others.
While many firms operating in the cryptocurrency ecosystem have been negatively impacted by the crypto winter, outfits like Bakkt have not just maintained a robust balance sheet, but they have also pushed new frontiers in the Mergers & Acquisition (M&A) offshoot. The potential acquisition of Apex Crypto will further help advance the plans to scale its product 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,” said Gavin Michael, CEO of Bakkt.
“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.”
Following the news of the potential acquisition, Bakkt shareholders have gone on an acquisition spree, pushing the price of the company’s shares up 3% in today’s Pre-Market to $2.06 per share.
Bakkt and Apex Crypto Are on a Mutually Beneficial Journey
Undoubtedly, the duo of Bakkt and Apex Crypto are innovative protocols serving investors in the digital currency and Web3.0 ecosystem.
Both firms are on a mutually beneficial journey that will see their core business strengths intertwined in a bid to complement areas of weaknesses. Bakkt will particularly draft in the Apex Crypto platform to “accelerate its product innovation and development, with complementary crypto solutions that will offer our combined partners expanded options and functionality.”
Apex Crypto was founded in 2019 and has positioned itself as the go-to arena for platforms and clients looking to move from the equities market to the nascent digital assets scene. Apex Crypto has grown to be a platform where users can be sure of its solid adherence to regulations, thus empowering clients to focus on providing their own users with the best of experiences to benefit more in the ecosystem.
The deal between Bakkt and Apex Crypto is still subject to regulatory approval.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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