Bakkt, a tech-driven platform for digital asset management, has recently been given approval from US regulators to buy Apex Crypto for $155 million. The deal was first announced in November 2022 and, once concluded, would result in Bakkt paying $55 million cash and $100 million in stock. This acquisition holds great significance for Bakkt, as it could contribute to streamlining the path to profitability and facilitate growth for this company.

The purchase adds to Bakkt’s B2B2C crypto strategy, which helps other businesses to provide their customers with crypto rewards and services. Founded in 2018, Apex Crypto is a crypto firm building a turnkey platform that integrates trading and investing, having already established relationships with over 30 customers and a total traded value of around $12.5 billion. Bakkt highly values the opportunities offered by Apex to further diversify its revenue streams and produce unique synergies.

To create a sustainable base in the crypto world, Bakkt has made acquisitions of other companies and held talks with two real-world entities. The most notable of these is the Digital Asset Custody Company (DACC), acquired in 2019 to grant full custody of customer assets. Recently, Bakkt also closed its consumer-facing crypto rewards app, now supporting companies in managing their rewards programs and other services.

Overall, Bakkt’s acquisition of Apex Crypto portrays a new milestone for this company, allowing them to leverage Apex’s features, gain access to 5.8 million crypto-enabled accounts, and step up their B2B2C strategy. As an established provider of trading infrastructure, Apex looks like an adequate fit for Bakkt’s crypto strategy and could help them enter a new era of success.



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