Bakkt, a digital asset provider, removed 25 of the 36 crypto coins listed on Apex Crypto, its newly acquired trading platform. According to a representative, this action is part of the firm’s routine coin listing review procedure. She said that Bakkt prioritizes its clients’ and their customer’s best interests, which are ensured when the most recent regulatory advice and industry changes are considered during the assessment process.
Although more information is lacking at this time, the majority of the delisted tokens are associated with popular decentralized finance and non-fungible token ecosystems. Aave, Chainlink, Compound Token, Cosmos, Enjin Coin, and Maker DAO are among the tokens that have been delisted. Bakkt’s decision to discontinue these coins could have been driven by regulatory concerns or a lack of market interest.
Bakkt paid $55 million in cash and $145 million in shares for Apex Crypto in April to increase its footprint in the fintech business. Apex Crypto is a turnkey business that provides 5 million users with execution, clearing, custody, cost basis, and tax services via 30 fintech customers. Bakkt also secured a broker-dealer license from Bumped Financial in February, significantly strengthening its market position.
The decision to discontinue these tokens is consistent with Bakkt’s aim to focus on B2B activities, as it closed down its retail-oriented app in March. The company will now focus on offering businesses crypto and loyalty solutions via SaaS and API solutions.
Intercontinental Exchange, the New York Stock Exchange parent firm, owns a majority stake in Bakkt. On May 12, its stock dropped 7%, presumably reflecting the market’s reaction to the delisting of popular coins.
Bakkt’s decision to withdraw 25 of its listed crypto tokens is a strategic step to ensure the best interests of its clients and consumers are met. This move is also consistent with the company’s objective of concentrating on B2B operations and expanding its footprint in the fintech market. While the decision may impact Bakkt’s stock price, the company’s commitment to regulatory compliance and servicing the interests of its clients is likely to pay off in the long run.