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The global regulatory framework for cryptocurrencies has changed significantly, which has affected the activities of companies that provide services related to digital assets. Regulatory changes and industry developments have led Bakkt, an intercontinental exchange for cryptocurrency trading, to liquidate digital assets en masse.
Bakkt has invested heavily in many cryptocurrencies
Signs that Bakkt will be discontinued include some of the main arguments for decentralized finance (DeFi). The full list of tokens offered by the platform are Aave, Orteku, Bancor Network Token, Basic Concern Token, Chainlink, Compound, Cosmos, Filecoin, Gala, Curve DAO, GALA, Internet Computer, Enjin Coin, Fantom, Stellar, SushiSwap, Uniswap, Tezos, Graphs, Dao Builders and others.
The exchange said it is reviewing the tokens listed on its platform following its acquisition of Apex Crypto. The exchange said the process is part of the regular coin listing review process. Bakkt stated that the verification process resulted in the need to remove some coins from the platform.
The exchange said.
The best interests of our clients and their customers are our primary concern and our review process ensures that these needs are best met, taking into account the latest regulatory guidance and industry developments.
Buy Bakkt Apex Crypto
Bakkt Closes Apex Crypto Acquisition According to a statement sent by the platform's spokesperson, the exchange announced that the acquisition will be completed with a maximum purchase price of 200 million dollars.
Bakht released a statement saying he will pay $55 million after the deal closes. The company will pay up to 145 million dollars in Bakkt shares. However, the deal will be contingent on Apex meeting its financial targets by 2025.
The acquisition of Apex Crypto is part of the company's plan to move from retail to B2B. The company recently discontinued its utility cryptocurrency trading app after two years.
Despite being one of the best platforms in the financial market, the exchange has struggled to gain a foothold in the market. Despite its significant growth, the exchange is struggling to attract more traders to the market. The exchange also reported quarterly revenue of $13 million in the most recent quarter. Earnings missed analysts' estimates.
Bakkt shares rose sharply, up 3.45 percent year-to-date. However, the token has not been able to make a lasting recovery in the last six months and has fallen nearly 40% in the last six months.
Bakkt has avoided controversy in a changing regulatory environment around the world. Cryptocurrency companies have found themselves in an evolving regulatory framework for cryptocurrencies, and many have been forced to revamp their operations to support their multinational operations.
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