Bakkt completes $200M acquisition of Apex Crypto

it would pay $55 million in cash and stock, worth an estimated $145 million at the time, for the deal.

Launched in 2019, Apex Crypto is an integrated trading platform that handles execution, clearing, custody, cost basis, and tax services for its 30 clients. The firm has facilitated $12.5 billion in digital assets trades since inception. Gavin Michael, CEO of Bakkt, commented on the completion: "This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice."

Bakkt said it expects the transaction to bolster the company's path back to profitability through product acceleration, revenue diversification and cost synergies."Joint capabilities will unlock new opportunities that appeal to the next generation of consumers, such as crypto rewards, as well as the potential to enter international markets through partners," the firm wrote in its announcement.

Again WARREN BUFFET has over a billion in it and he supposedly thinks Bitcoin is “rat poison”

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Source: CNBC - 🏆 12. / 72 Read more »