Digital Asset Platform Bakkt Set to Acquire Apex Crypto for $200 Million
The company said the acquisition should diversify and strengthen Bakkt's revenue as it expands its offerings.
New
Digital asset platform Bakkt has reached an agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. Under the agreement, Bakkt is expected to acquire Apex Crypto for the price of $200 million, making its first payment of $55 million upon closing of the transaction. The transaction will likely be completed by the first half of 2023 and is subject to regulatory approvals.
Launched in 2019, Apex Crypto is a "turnkey platform" dedicated to integrated crypto trading, designed with the aim of meeting the growing demands of more than 30 fintech companies and their growing customers. Apex Crypto was essentially designed “to enable investors to transition from stock trading to cryptocurrency by offering efficient account opening and funding solutions” while managing the complex regulatory and licensing obligations associated with the cryptography.
The acquisition of Apex Crypto by Bakkt is set to strengthen its cryptocurrency product offering and expand its customer base to include fintech companies, trading app platforms and neo -banks, providing crypto solutions to more than 220 Apex customers. The collaborative effort is expected...
The company said the acquisition should diversify and strengthen Bakkt's revenue as it expands its offerings.
New
Digital asset platform Bakkt has reached an agreement to acquire Apex Crypto, LLC from Apex Fintech Solutions, Inc. Under the agreement, Bakkt is expected to acquire Apex Crypto for the price of $200 million, making its first payment of $55 million upon closing of the transaction. The transaction will likely be completed by the first half of 2023 and is subject to regulatory approvals.
Launched in 2019, Apex Crypto is a "turnkey platform" dedicated to integrated crypto trading, designed with the aim of meeting the growing demands of more than 30 fintech companies and their growing customers. Apex Crypto was essentially designed “to enable investors to transition from stock trading to cryptocurrency by offering efficient account opening and funding solutions” while managing the complex regulatory and licensing obligations associated with the cryptography.
The acquisition of Apex Crypto by Bakkt is set to strengthen its cryptocurrency product offering and expand its customer base to include fintech companies, trading app platforms and neo -banks, providing crypto solutions to more than 220 Apex customers. The collaborative effort is expected...
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