Intercontinental Exchange-owned Bakkt discontinued its consumer-facing app in February as it shifts away from retail
Regulatory guidance and industry developments have led Bakkt, Intercontinental Exchange’s crypto business, to mass-delist a number of digital assets, including some prominent decentralized finance (DeFi) tokens.
The full list of de-listed tokens are: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI).
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have made the decision to delist a number of coins on the platform,” a spokesperson for the exchange told CoinDesk. “Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”
Bakkt agreed to acquire Apex Crypto in November, and the deal closed on April 1.
Under the terms of the agreement, Bakkt will acquire Apex Crypto for a maximum purchase price of $200 million, according to a note sent by a spokesperson. Bakkt initially paid $55 million when the deal closed, and will pay up to $145 million in Bakkt stock depending on Apex’s ability to hit financial targets through 2025.
This acquisition was part of the firm’s shift away from retail towards B2B, as it recently shuttered its consumer crypto trading app after two years.
The exchange has struggled to gain a foothold in the market and a critical mass of traders; it posting quarterly revenues of $13 million last quarter, 10% below the average analyst estimate.
Bakkt’s stock is up 3.45% year-to-date, but down nearly 40% over the last six months.
UPDATE (May 12, 2023, 21:55 UTC): Updates fifth paragraph with additional comments from a spokesperson.
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