Amid the Pro-Crypto Governance, I think Apex Fintech, to get a Bakkt, an encrypted currency platform (ICE). The news, which appeared from the AXIOS report, follows the Bakkt acquisition of Crypto operations in APEX in 2022 for up to $ 200 million.
Apex Fintech is to get a bakkt
Apex Fintech, a company known for incorporating stock trading in requests. Bakkt shares have seen a noticeable increase of 15 % in morning trading after the report, reaching $ 14.86. The increased performance paid great attention from investors.
Founded in 2018, Bakkt was initially placed as a bridge between traditional financing and digital assets. The platform, with the support of major companies such as Microsoft, Starbucks, and Boston Consulting Group, started with Bitcoin Futures in 2019. Its goal was to manage digital assets on an organized platform, and attract attention as a potential leader in adopting institutional encryption. The company was optimistic, and further enhanced it through ice ratios and organizational accreditation data, including the New York Bitlicense and Trust.
However, despite these high expectations, Bakkt has struggled to achieve its goals. After the $ 42 peak share in October 2021 merged, the company faced fierce competition from larger competitors such as Coinbase and Binance, which provides wider metal coin and the experiences of the most smooth users. BAKKT’s concentration on Bitcoin futures and institutional customers did not lead to the wide adoption of the time it expected at the time. Moreover, its application, which is facing the consumer, which was launched in 2021 after obtaining Bridge2 solutions for $ 300 million, failed to get a large traction and closed in March 2023.
In response, Bakkt turned into a B2B2C model and gained Apex Crypto in 2023, with the aim of strengthening Fintech partnerships. However, the platform has decreased performance, and the maximum Bakkt market decreased to $ 175 million. The company was also affected by the American organizational challenges, as the SEC campaign for 2023 Bakkt was forced to delete 25 icons. As a result, its products shows were narrowed to major metal coins such as Bitcoin and Ethereum. Financially, Bakkt told a net loss of $ 45 million in the first quarter of 2023, and it is now expected that the payment for the APEX acquisition is much lower than $ 200 million.
However, with the administration of President Donald Trump and a series of reforms, including the US Securities Committee and the American Stock Exchange, which ends litigation against encryption companies such as Robenol, Bennes, Gemini, and others, things seem optimistic about the encryption industry. Moreover, Trump recently signed an executive order for the Bitcoin Strategic Reserve, as well as the government’s loyalty to the industry. This policy transfers can provide a more suitable environment for the growth of a bacter in the future.
