Digital Asset Platform Bakkt Acquires Apex Crypto
Bakkt Holdings announced on Thursday that it would acquire Apex Crypto, a crypto trading infrastructure startup, from Apex Fintech Solutions.
Bakkt, majority-owned by financial exchange Intercontinental Exchange (ICE), will pay $55 million in cash at the deal’s closure and up to $145 million in Bakkt stock and seller notes if certain financial benchmarks are met.
Gavin Michael, CEO of Bakkt, stated:
“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”
The deal, slated to finalize in the first half of 2023, will provide Bakkt with revenue growth, cost savings, and synergies. It will also assist the company in expanding its cryptocurrency client base.
Apex Crypto is a turnkey platform for integrated crypto trading that was created to suit the growing demands of over 30 fintech organizations and their consumers in a fast-developing industry. Apex Crypto provides customers with a solid solution for execution, clearing, custody, cost basis, and tax services, allowing for seamless crypto investment in over 30 tokens.
Bakkt, founded in 2018, initially received $182.5 million to develop its Bitcoin (BTC) futures and options product. It went public in October after completing a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
Harold
CoinCu News
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Digital Asset Platform Bakkt Acquires Apex Crypto
Bakkt Holdings announced on Thursday that it would acquire Apex Crypto, a crypto trading infrastructure startup, from Apex Fintech Solutions.
Bakkt, majority-owned by financial exchange Intercontinental Exchange (ICE), will pay $55 million in cash at the deal’s closure and up to $145 million in Bakkt stock and seller notes if certain financial benchmarks are met.
Gavin Michael, CEO of Bakkt, stated:
“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”
The deal, slated to finalize in the first half of 2023, will provide Bakkt with revenue growth, cost savings, and synergies. It will also assist the company in expanding its cryptocurrency client base.
Apex Crypto is a turnkey platform for integrated crypto trading that was created to suit the growing demands of over 30 fintech organizations and their consumers in a fast-developing industry. Apex Crypto provides customers with a solid solution for execution, clearing, custody, cost basis, and tax services, allowing for seamless crypto investment in over 30 tokens.
Bakkt, founded in 2018, initially received $182.5 million to develop its Bitcoin (BTC) futures and options product. It went public in October after completing a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC).
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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