Digital asset firm Bakkt has delisted 25 of the 36 cryptocurrencies listed on its newly acquired Apex Crypto trading platform.
On May 12, a company representative told Cointelegraph that the decision was "part of the normal process for reviewing our coin listings," adding:
"The best interests of our customers and their consumers are our primary concern, and our review process ensures that those interests are best served by taking into account the latest regulatory guidance and industry developments."
Further details are scarce, but most of the tokens issued belong to popular decentralized finance and non-fungible token ecosystems.
Deleted tokens include Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Main Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos ( includes. ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO ( MKR), Republic (REN), Stellar (XLM), SushiSwap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and Yearn.finance (YFI).
In November 2022, Bakkt announced its intention to acquire the unprofitable Apex Crypto to gain a greater presence in the fintech market. Apex Crypto, dubbed the “jail worker,” provides execution, clearing, custodial, cost basis and tax services to five million clients through 30 fintech clients. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.
Related: Bakkt Chairman Adam White Announces Exit From Digital Asset Platform
Bakkt acquired Bumped Financial's stockbroker license in February, according to a financial statement.
In March, Bakkt shuttered its retail app, which offered cryptocurrency trading, loyalty rewards and gift cards, saying it would focus on business-to-business transactions. Bakkt announced at the time that it would cater to cryptocurrency and loyalty businesses through APIs and point-of-sale solutions.
Bakkt is owned by Intercontinental Exchange, which also owns the New York Stock Exchange. Its shares rose 7% on May 12.
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