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 not too long ago acquired buying and selling platform Apex Crypto.

A spokeswoman for the corporate instructed Cointelegraph on Could 12 that the choice was “a part of our common coin itemizing assessment course of,” and added that:

“Our shoppers’ and their shoppers’ greatest pursuits are our core dedication, and our assessment course of ensures these pursuits are greatest served after we ponder essentially the most up-to-date regulatory steering and the newest trade developments.”

Additional particulars are sparse at this stage, nevertheless a lot 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 Yearn Finance (YFI).

Bakkt introduced plans to amass the unprofitable Apex Crypto in November to realize 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 clients by means of 30 fintech clients. 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 consider B2B operations. Bakkt said on the time that it might present crypto and loyalty to companies by means of SaaS and API options.

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

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