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Tuesday, February 7, 2023

Bakkt Takes Over Apex Crypto

Bakkt, a regulated digital asset platform, announced recently that it has acquired Apex Clearing for 200 million U.S. dollars in cash and stock, which brings its valuation up to 775 million U.S. dollars, according to Cointelegraph’s calculations based on publicly available information.

Bakkt is a CFTC-regulated trading platform launched by Intercontinental Exchange (ICE), the New York Stock Exchange operator. The company has been working on launching its own physically-delivered Bitcoin futures contracts and clearinghouse since August 2018.

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Founded in 2012, Apex Clearing provides clients with an ecosystem for digital asset management via APIs. It offers clearing services to cryptocurrency exchanges, including Coinbase Pro and Kraken, as well as over-the-counter brokerages.

The company will acquire Apex Clearing for 200 million U.S. dollars in cash and stock, which brings its valuation up to 775 million U.S. dollars, according to Cointelegraph’s calculations based on publicly available information.

Bakkt On The Move

Bakkt Crypto Exchange is a CFTC-regulated trading platform that is set to launch physically-delivered Bitcoin futures contracts by the end of 2022 after receiving approval from the Commodity Futures Trading Commission (CFTC) earlier this year.

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“With Bakkt’s announcement to launch their physically delivered bitcoin futures contracts by the end of 2020 and our acquisition of Apex Clearing LLC, we are well positioned to offer institutional investors access to digital assets through clearinghouses such as ICE Clear US and ICE Clear Europe,” said Adam White, Interim CEO of Bakkt in an official statement announcing the deal.”

Bakkt CEO Gavin Michael noted that the acquisition will help bring assurance and transparency to the financial system through “the highest regulatory standards.”

“Apex Crypto is a world-class team with deep experience transforming capital markets, who are well positioned to help us deliver on our promise of a more transparent and trusted ecosystem for digital assets,” he said.

The U.S.-based Bakkt is regulated by the CFTC (Commodity Futures Trading Commission) and has been acquiring talent from Wall Street firms such as Goldman Sachs in order to launch its own crypto futures exchange next month.

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