Bakkt, a Georgia-based digital asset trading platform has reached a definitive agreement with Apex Fintech Solution to acquire trading infrastructure firm Apex Crypto.
The agreement will see Bakkt pay the sum of $200 million to acquire Apex Crypto which provides services including execution, clearing, custody, cost basis, and tax services to fintech companies.
According to the details of the agreement which will see all parties benefit from the deal, Bakkt will pay the first installment of $55 million in cash upon closing of the deal. Subsequently, the firm will pay $145 million in Bakkt stocks and seller notes after the completion of its quarterly set goals.
The deal which is still subject to regulatory approval is expected to be completed before the first half of 2023.
Bakkt Enters New Territories
According to Gavin Micheal, CEO of Bakkt, Apex Crypto is a unique asset that positions Bakkt as a choice crypto provider for fintech, financial institutions, merchants, or programs that want to provide seamless crypto services to their clients.
With the acquisition of Apex Crypto, Bakkt can now expand its footprints into new territories and scale its product offerings. The company will now provide its crypto services for Fintechs, Neobanks, and trading app platforms as it operates as the bridge between mainstream firms and crypto firms.
Additionally, Bakkt which is majorly owned by financial exchange, Intercontinental Exchange (ICE) can now explore innovative opportunities that appeal to the next generation of crypto users, thereby expanding its crypto client base.
Also, Apex Fintech Solutions can now leverage the deal to integrate Bakkt’s platform solutions with its customer.
The Georgia-based digital assets trading platform made its public market debut on the New York Stock Exchange (NYSE) last year, after a SPAC merger with VPC Impact Acquisition Holdings.
The company founded back in 2018 made its debut under the ticker symbol “BKKT”. A total of $448 million was paid to Bakkt for this merger. The funds were used to finance investment in the platform’s capabilities and marketing efforts and also increase its integration in the digital currency ecosystem.
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