Bakkt delists majority of tokens from not too long ago acquired Apex Crypto platform

Digital asset agency Bakkt has dropped 25 of the 36 crypto tokens listed on its not too long ago acquired buying and selling platform Apex Crypto.

A spokeswoman for the corporate instructed Cointelegraph on Could 12 that the choice was “a part of our common coin itemizing overview course of,” and added that:

“Our shoppers’ and their shoppers’ finest pursuits are our core dedication, and our overview course of ensures these pursuits are finest served once we ponder probably the most up-to-date regulatory steerage and the most recent trade developments.”

Additional particulars are sparse at this stage, nonetheless many of the dropped tokens are tied to common decentralized finance and nonfungible token ecosystems.

The delisted tokens embrace: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Community Token (BNT), Fundamental Consideration 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), Web Pc (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and Yearn Finance (YFI).

Bakkt announced plans to acquire the unprofitable Apex Crypto in November to realize a higher toehold within the fintech market that Apex catered to. Apex Crypto, a so-called “turnkey” service carries out execution, clearing, custody, value foundation and tax companies for five million clients via 30 fintech clients. Bakkt completed the acquisition in April for $55 million in money and $145 million in inventory.

Associated: Bakkt president Adam White announces departure from digital asset platform

Bakkt acquired a broker-dealer license from Bumped Monetary in February, it disclosed in a monetary assertion.

In March, Bakkt shut down its retail-oriented app that provided crypto buying and selling, loyalty rewards and present playing cards, saying it might think about B2B operations. Bakkt acknowledged on the time that it might present crypto and loyalty to companies via SaaS and API options.

Bakkt is majority owned by Intercontinental Trade, which additionally owns the New York Inventory Trade. Its inventory closed down 7% on Could 12. 

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the final say?