Bakkt acquires crypto company Apex…Details here
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Answer Bakkt acquires crypto company Apex…Details here
Stock-listed Bakkt has agreed to pay $200 million to acquire Apex Crypto LLC, a subsidiary of Apex FinTech Solutions Inc.
By being part of the Bakkt brand, Apex crypto company will help enhance the business operations of the parent company, drawing on its unique infrastructure to help bridge the gap between companies in the mainstream sector and companies operating in the crypto space.
Under the terms of the deal, Bakkt will pay $55 million in cash directly and $45 million when Apex achieves its financial goals for the end of the fourth quarter (Q4) of this year.
Gavin Michael, CEO of Bakkt commented:
We have found a unique asset in Apex, which will expand our crypto customer base, provide us with a faster market for new crypto capabilities, and serve as an additional vehicle for continued sales to a crypto-savvy audience through Apex Fintech Solutions.
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With the addition of this complementary business, we believe we are poised to be a preferred crypto provider for financial institutions, fintech companies, merchants or loyalty programs that want to offer seamless crypto experiences to their customers.
It is also expected that this acquisition will enable us to unlock more innovative opportunities that attract the next generation of consumers such as crypto rewards and NFT.
Bakkt went public on the New York Stock Exchange (NYSE) in October of last year, setting an entirely new agenda for the company in the world of Web 3.0.
The company has not been sitting idle in the face of developments and over the past few years has preferred to launch innovative products to serve both its institutional and retail customers.
From partnering with Starbucks to launching a crypto product with Galaxy Digital, Bakkt has made its mark across the length and breadth of the cryptocurrency ecosystem.
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The deal with Apex will reinforce these effects when it closes following regulatory approvals.
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