American-based digital asset firm Bakkt Holdings announced Thursday that it would invest up to $200 million in acquiring the crypto trading platform Apex Crypto from its parent company, Apex Fintech Solutions. Bakkt signals its interest in crypto staking services and non-fungible tokens (NFTs) with the move.
Bakkt to Acquire Apex Crypto
The digital asset provider said it will make its first payment of $55 million in cash to Apex Fintech Solutions. It then stated that up to $145 million will be paid in Bakkt stocks and seller notes. The company added that the amount to be paid in stocks and seller notes will be dependent “on the achievement of financial targets by the acquired business.” The deal is set to close by mid-2023.
The statement added that the deal is subject to regulatory approval.
With the acquisition, the American-based company seeks to bolster its revenue source, while expanding its services to Apex’s over 220 clients. This includes Apex’s recently secured custodial task with investment company Stash. The merger will also open Apex’s customers to services offered on Bakkt.
Bakkt to Adopt NFTs and Crypto Staking
The digital asset firm seeks to use the acquisition to explore various crypto services such as staking, external transfers, and NFTs. Bakkt will also now be able to expand its available cryptos from just Bitcoin and Ethereum to over 30 tokens offered on Apex.
Gavin Michael, the CEO of Bakkt, reiterated the benefits of the acquisition. He stated some of the intended improvements to its business model.
“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs,” he said.
Meanwhile, an August report showed that Bakkt had partnered with American-based financial services provider Sullivan Bank to offer BTC and ETH trading services to customers of the bank.
