Crypto asset firm Bakkt has removed 25 of the 36 cryptocurrencies available on its Apex Crypto trading platform, citing regulatory guidance and industry developments. The majority of delisted tokens were tied to popular altcoin ecosystems such as Avalanche, Uniswap, Chainlink, Cosmos, Stellar, Internet Computer, Filecoin, Tezos, and Basic Attention Token. A Bakkt spokesperson stated that the decision to delist the tokens is part of a regular coin listing review process and is in the interest of its customers and consumers. Here are the details…
Bakkt delists many altcoin projects
As we have also reported as Kriptokoin.com, Bakkt announced that it plans to acquire Apex Crypto in November 2022 to gain a bigger place in the fintech market that Apex caters to. Apex Crypto is a service that performs execution, trading, custody, cost basis and tax services for 5 million customers through 30 fintech clients. Bakkt completed the acquisition in April 2023 for $55 million in cash and $145 million in stock. The decision to delist the following cryptocurrencies coincides with Bakkt’s move away from consumer services. The full version of the delisted altcoins is as follows:
Aave, ApeCoin, Avalanche, Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink, Chiliz (CHZ), Compound Token, Cosmos, Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer, Loopring, Maker DAO, Republic (REN), Stellar, Sushiswap, Synthetix, Tezos, Uniswap, Yearn Finance
The company announced in February 2023 that it plans to discontinue the consumer app in favor of the web-only individual experience. Bakkt stated at the time that it would provide crypto to businesses through its SaaS and API solutions. Bakkt’s decision to delist these cryptocurrencies can be seen as a move to increase regulatory compliance. Bakkt also obtained a broker-dealer license from Bumped Financial in February 2023. Delist also comes at a time of heightened regulatory scrutiny over the crypto industry as the U.S. Securities and Exchange Commission (SEC) cuts down on unregistered initial coin offerings (ICOs) and other violations.
Bakkt shares plunge
Bakkt is majority owned by the Intercontinental Exchange, which also owns the New York Stock Exchange. The company’s shares closed the day with a 7 percent decline at the time of the delist news. Even so, Bakkt’s focus on B2B services and regulatory compliance could position it for long-term success in the rapidly evolving crypto industry. The shift from consumer services to B2B solutions is a trend seen in the crypto industry. Companies like BitGo, Coinbase, and Gemini all offer enterprise-grade custody and trading solutions, while Binance has launched Binance for Business, an enterprise-grade service offering. As the crypto industry continues to mature, more companies are likely to turn to B2B solutions that offer greater scalability, stability, and regulatory compliance.
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