Bakkt delists majority of tokens from recently acquired Apex Crypto platform

Digital asset agency Bakkt has dropped 25 of the 36 crypto tokens listed on its lately acquired buying and selling platform Apex Crypto.

On Might 12, a spokesperson for the corporate informed Cointelegraph that the choice was “a part of our common coin itemizing assessment course of,” including:

“Our shoppers’ and their customers’ finest pursuits are our core dedication, and our assessment course of ensures these pursuits are finest served after we ponder probably the most up-to-date regulatory steerage and the newest business developments.”

Additional particulars are sparse, however many of the dropped tokens are tied to standard 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 Laptop (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), SushiSwap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and (YFI).

In November 2022, Bakkt announced plans to acquire the unprofitable Apex Crypto to realize a better foothold within the fintech market. Apex Crypto, a so-called “turnkey” service, carries out execution, clearing, custody, value foundation and tax providers for 5 million prospects by 30 fintech shoppers. 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, according to a monetary assertion.

In March, Bakkt shut down its retail-oriented app that provided crypto buying and selling, loyalty rewards and reward playing cards, saying it will think about business-to-business operations. Bakkt said then that it will present crypto and loyalty to companies by service-as-a-sale and software programming interface options.

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

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