- Bakkt Holdings decided to acquire Apex Crypto from Apex Fintech Solutions.
- The platform would pay up to $200 million, in which an amount of $55 million would be paid initially.
- The acquisition of Apex Crypto would enable Bakkt to enhance its crypto-related services.
Bakkt Holdings, the digital asset platform announced that it has decided to acquire Apex Crypto, the turnkey platform for integrated crypto trading, from Apex Fintech Solutions (AFS), by spending up to $200 million.
In addition, the platform declared that it would continue its relationship with AFS, with the belief that Apex Crypto would further contribute to the crypto services of Bakkt.
According to the deal, Bakkt would pay $55 million at the closing of the deal. Further, upon achieving some financial targets, an amount of $45 million would be paid. Finally, based on the performance, an additional amount of $100 million would be credited in 2025.
Gavin Michael, CEO of Bakkt commented that the relationship with Apex Crypto would “serve as an additional avenue” for sales:
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
Michael added that by acquiring Apex Crypto, the platform is open to more opportunities to further expand its crypto-related services that appeal to the next generation like crypto rewards and NFTs.
It is noteworthy that the deal which is expected to be closed in early 2023, would provide a revenue hike, cost savings, and a teamwork spirit for Bakkt. In addition, it is estimated that solutions for major crypto-related problems like tax services, cost, and execution would be provided by Apex Crypto.
While commenting on the customer-oriented objective of the platform, Michael added that the company aims at providing a “crypto provider of choice for financial institutions, fintech, merchants or loyalty programs”.
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