Bakkt, a digital asset provider, removed 25 of the 36 crypto coins listed on Apex Crypto, a newly acquired trading platform. According to a representative, this action was part of the company’s routine coin listing review procedure. He said that Bakkt prioritized the interests of their clients and customers, which was ensured when the latest regulatory advice and industry changes were considered during the assessment process.
Although more information is lacking at the moment, most of the tokens that were written off are related to the popular decentralized finance and non-fungible token ecosystem. Aave, Chainlink, Compound Token, Cosmos, Enjin Coin, and Maker DAO are some of the tokens that have been delisted. Bakkt’s decision to discontinue these coins could be driven by regulatory issues or a lack of market interest.
Bakkt paid $55 million in cash and $145 million in stock for Apex Crypto in April to increase its footprint in the fintech business. Apex Crypto is a turnkey business providing 5 million users with execution, clearing, custody, fee base and tax services through 30 fintech customers. Bakkt was also awarded a broker-dealer license from Bumped Financial in February, significantly strengthening its market position.
The decision to discontinue this token is consistent with Bakkt’s aim to focus on B2B activities, as Bakkt closed its retail-oriented app in March. The company will now focus on offering crypto business and loyalty solutions through SaaS and API solutions.
Intercontinental Exchange, the parent firm of the New York Stock Exchange, owns a majority stake in Bakkt. On May 12, the stock fell 7%, possibly reflecting the market’s reaction to the popular coin’s write-off.
Bakkt’s decision to withdraw the 25 listed crypto tokens is a strategic move to ensure the best interests of clients and consumers are met. This move is also in line with the company’s aim to concentrate on B2B operations and expand its footprint in the fintech market. While the decision could impact Bakkt’s share price, the company’s commitment to regulatory compliance and serving the interests of its clients is likely to pay off in the long term.