<p>Bakkt Holdings (NYSE: BKKT), the cryptocurrency subsidiary of Intercontinental Exchange, is aiming to bolster its cryptocurrency and expand into other areas like <a href=”https://www.financemagnates.com/terms/f/fintech/” target=”_blank” id=”891edcf3-475e-45f3-a8b8-3ba2e7d37339_1″ class=”terms__secondary-term”>fintech</a>, trading app platforms and neo-banks with its <a href=”https://www.financemagnates.com/cryptocurrency/news/siam-commercial-bank-scraps-500m-acquisition-deal-of-crypto-exchange-bitkub/” target=”_blank”>decision to acquire</a> Apex Crypto.</p><p>Announced on Thursday, the crypto company has already signed a definitive agreement for the <a href=”https://www.financemagnates.com/terms/a/acquisition/” target=”_blank” id=”3180494d-8751-4a02-9476-86dc1cd4d2e2_1″ class=”terms__main-term”>acquisition</a> with Apex Fintech Solutions, which is the present owner of Apex Crypto.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>We’re excited to share we signed a definitive agreement to acquire Apex Crypto from <a href=”https://twitter.com/apexfintech?ref_src=twsrc%5Etfw”>@ApexFintech</a> <a href=”https://t.co/kD54tIpIV6″>https://t.co/kD54tIpIV6</a> <a href=”https://t.co/229KWMqXfC”>pic.twitter.com/229KWMqXfC</a></p>— Bakkt (@Bakkt) <a href=”https://twitter.com/Bakkt/status/1588118501490843648?ref_src=twsrc%5Etfw”>November 3, 2022</a></blockquote><p>“We found a unique asset in Apex Crypto, which will expand our crypto client base, provide us with faster speed to market for new crypto capabilities, and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions,” said the CEO of Bakkt, Gavin Michael.</p><p>The acquisition is expected to diverse <a href=”https://www.financemagnates.com/tag/bakkt/” target=”_blank”>Bakkt</a>’s revenue streams, allowing the company to scale up its business.</p><p>Bakkt agreed to pay a maximum purchase price of $200 million for the acquisition. There will be an initial payment of $55 million in cash at the closing of the deal. Additional sums of up to $45 million and up to $100 million will be paid in Bakkt stocks based on the performance of the acquired business in the fourth quarter of 2022 and achievements of financial targets through 2025, respectively.</p><p>The companies expect to close the acquisition deal by the first half of 2023, but it will depend on the necessary regulatory approvals.</p><p>Diversified Crypto Businesses</p><p>Apex Crypto was established in 2019 to allow investors to transition between trading equities and cryptocurrencies. It offers a turnkey platform for integrated crypto trading. Its services are aimed at more than 30 fintech firms and their customers.</p><p>Michael also believed that adding the complimentary business would make Bakkt a “crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers.” The company is even considering offering ‘innovative opportunities’ like crypto rewards and <a href=”https://www.financemagnates.com/cryptocurrency/why-you-cant-screenshot-nfts-and-is-it-just-a-fad-anyway/” target=”_blank”>NFTs</a>.</p><p>Apart from the monetary agreement, Bakkt and Apex Fintech Solutions further agreed to commercially partner for offering Bakkt’s crypto solutions to more than 220 clients of Apex.</p><p>“It’s our purpose at Apex to enable frictionless investing for everyone, and Bakkt’s team and platform are a tremendous complement to that,” said William Capuzzi, the CEO of Apex Fintech Solutions.</p>
This article was written by Arnab Shome at www.financemagnates.com.