Bakkt exchange to delist several cryptocurrencies, including top DeFi tokens ?

Bakkt exchange to delist several cryptocurrencies, including top DeFi tokens

Updated: 13 May 2023

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The crypto regulatory framework globally has shifted significantly, affecting the operations of firms that offer services related to digital assets. The shifting regulatory guidance and the developments in the industry have led to Bakkt, the crypto business for Intercontinental Exchange, mass delisting several digital assets.

Bakkt mass delists many cryptocurrencies

The tokens that the Bakkt exchange will delist include some of the top tokens operating in decentralized finance (DeFi). The entire list of tokens that the platform will delist includes Aave, Avalanche, Bancor Network Token, Basic Attention Token, Chainlink, Compound, Cosmos, Filecoin, Gala, Curve DAO, GALA, Internet Computer, Enjin Coin, Fantom, Stellar, SushiSwap, Uniswap, Tezos, The Graph, Maker Dao, among others.

The exchange has said that it was reviewing the tokens listed on the platform following the acquisition of Apex Crypto. The exchange said the process was part of the regular coin listing review process. Bakkt said that the review process had created the need to delist several coins from the platform.

The exchange said,

Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.

Bakkt acquisition of Apex Crypto

Bakkt will close the acquisition deal for Apex Crypto. The exchange has said that the acquisition will be completed at a maximum purchase price of $200 million, according to a note sent by a spokesperson from the platform.

Bakkt has also released a statement saying it will make a $55 million payment after the deal is finalized. The company will also pay up to $145 million worth of Bakkt stock. However, the transaction will depend upon the ability of Apex to secure its financial targets up to 2025.

The acquisition of Apex Crypto is part of the firm’s plan to shift its operations from retail to B2B. The company recently halted its consumer crypto trading app after two years.

Despite being one of the top platforms in the financial market, the exchange has struggled to gain its foothold in the market. The exchange is struggling to attract many traders in the market despite the significant gains it has seen. The exchange also posted quarterly revenues of $13 million last quarter. The revenues failed to meet analyst estimates.

The Bakkt stock has made a remarkable recovery, surging by 3.45% compared to the same period last year. However, the token has failed to make a solid recovery in the last six months and has dropped by nearly 40% over the last six months.

Bakkt has delisted the tokens amid a changing regulatory framework globally. Crypto firms have been caught in the middle of a changing regulatory framework for cryptocurrencies, with many of them being forced to change their operations to sustain their operations across many countries.

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