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 informed Cointelegraph on Could 12 that the choice was “a part of our common coin itemizing evaluation course of,” and added that:

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

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

The delisted tokens embody: 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 Yearn Finance (YFI).

Bakkt introduced plans to amass the unprofitable Apex Crypto in November to achieve a better 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 prospects via 30 fintech prospects. Bakkt accomplished the acquisition in April for $55 million in money and $145 million in inventory.

Associated: Bakkt president Adam White pronounces 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 supplied crypto buying and selling, loyalty rewards and reward playing cards, saying it might focus on B2B operations. Bakkt said on the time that it might present crypto and loyalty to companies via SaaS and API options.

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

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