Bakkt, the institutional platform, announced that it had completed the acquisition of Apex Crypto, the crypto subsidiary of Apex Fintech Solutions.
Bakkt completes acquisition of Apex Crypto https://t.co/BSNZv7ral2 pic.twitter.com/uBapbvXvqx
— Bakkt (@Bakkt) April 3, 2023
According to the press release, the parties obtained all necessary approvals from regulatory authorities.
“This acquisition marks an exciting new chapter for Bakkt, significantly advancing part of our roadmap in the cryptocurrency space,” said Bakkt’s CEO Gavin Michael.
The deal is expected to enable Bakkt to diversify revenues, accelerate innovation and product development, offering “more advanced crypto solutions”.
Apex Crypto is an integrated platform for cryptocurrency trading that provides trade execution, clearing, custody services, and tax calculations. The platform supports more than 30 digital assets.
In November 2022, Bakkt announced signing a definitive agreement to acquire the crypto subsidiary for $200 million.
In September, Apex became a partner of Revolut as part of Revolut’s initiative to expand supported cryptocurrencies for US users. Prior to this, the fintech startup had ended its collaboration with Paxos.
Earlier in March, Bakkt announced the discontinuation of its consumer app for retail investors. Users will be able to access a new web interface via Apex Crypto.