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Digital asset firm Bakkt has dropped 25 of the 36 crypto tokens listed on its newly acquired trading platform Apex Crypto.
A spokesperson for the company told Cointelegraph on May 12 that the decision was “part of our regular coin listing review process,” adding that:
“The best interests of our clients and their consumers are our core commitment, and our review process ensures those interests are well served when we consider the latest regulatory guidelines and the latest industry developments.”
Further details are scarce at this stage, but most of the tokens dropped are related to the popular decentralized finance and non-fungible token ecosystem.
Tokens removed include: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Kosmos (ATOM), Curve DAO (CRV), Engine Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), Graphics (GRT), Internet Computing (ICP), Loopring (LRC), DAO Builder (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI) and Yearn Finance (YFI).
Bakkt announced plans to acquire unprofitable Apex Crypto in November to gain a greater foothold in the fintech market served by Apex. Apex Crypto, a so-called “turnkey” service performs execution, clearing, custody, fee base and tax services for 5 million customers through 30 fintech customers. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.
Related: Bakkt President Adam White announces departure from the digital asset platform
Bakkt obtained its broker-dealer license from Bumped Financial in February, a financial report said.
In March, Bakkt closed its retail-oriented app offering crypto trading, loyalty rewards and gift cards, saying it would concentrate on B2B operations. Bakkt stated at the time that it would provide crypto and loyalty to businesses through SaaS and API solutions.
Bakkt is majority owned by the Intercontinental Exchange, which also owns the New York Stock Exchange. Its shares closed down 7% on May 12.
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