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Digital asset platform Bakkt set to acquire Apex Crypto for $200M
Digital asset platform Bakkt has entered into an agreement to acquire Apex Crypto, LLC, from Apex Fintech Solutions, Inc. According to the agreement, Bakkt is expected to acquire Apex Crypto for the price tag of $200 million, making its first payment of $55 million at the closing of the deal. The transaction will likely be completed by the first half of 2023 and is subject to regulatory approvals. Bakkt’s acquisition of Apex Crypto is poised to boost its cryptocurrency product offering and expand its client base to include fintech firms, trading app platforms and neo-banks, providing crypto solutions to Apex’s 220-plus clients. The collaborative effort is expected to accelerate product innovation and development for crypto products, such as staking, external transfers and nonfungible tokens (NFTs). Launched by the Intercontinental Exchange in 2018, Bakkt first offered Bitcoin (BTC) futures contracts exclusively to accredited investors. Bakkt experienced a seemingly slower rollout than many in the space anticipated. Source - Coin Telegrapf #digitalasset #crypto
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