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Bakkt has completed the acquisition of integrated trading platform Apex Crypto, according to an announcement made by the former company on December 20, 2018. April 3.
Bakkt CEO Gavin Michael said the acquisition will help Bakkt move forward on its “crypto roadmap”, writing:
“This acquisition marks an exciting new chapter for Bakkt…helping us tap into a universe of 5.8 million crypto-enabled accounts and further establishing Bakkt as the B2B2C cryptocurrency provider of choice.”
Bakkt said the deal should help improve profitability, offer more services and compensation options, and accelerate innovation and development.
Bakkt described Apex Crypto as a turnkey platform for integrated cryptocurrency trading. According to the company, Apex Crypto serves more than 30 clients and has traded $12.5 billion worth of cryptocurrencies since going live in 2019. Bakkt added that his affiliate also works with more than 220 clients served by Apex Fintech Solutions.
Bakkt did not disclose the value of the transaction in a press release, but reports from Fortune indicate that Bakkt will pay up to $155 million in cash and stock to complete the acquisition.
Both parties have reportedly obtained the necessary regulatory approvals.
Bakkt is famously run by the Intercontinental Exchange (ICE), which also owns the NYSE. Bakkt launched a Bitcoin futures trading platform for institutional investors in 2019. In 2021, it expanded to offer a consumer payment app and also became a publicly traded company in the same year.
