While the bear market did cause some stagnancy, it did not stop platforms from broadening their interest in crypto. Over the last few months, the community witnessed a plethora of partnerships and collaborations across the industry. Carrying forward a similar notion, a prominent digital asset firm, Bakkt Holdings revealed that it was all set to acquire Apex Crypto, a firm that focuses on crypto trading infrastructure.
As per a recent press release, Bakkt would initially pay about $55 million in cash to close the deal. Following this, it is expected to shell out $45 million in Bakkt stock taking into consideration the financial targets of the acquired business in the last quarter of 2022. In addition to this, relying on the attainment of financial objectives by the acquired business until 2025, up to an additional $100 million in Bakkt shares and seller notes will follow suit.
As a result, according to the provisions of the contract, Bakkt could buy Apex Crypto for a maximum sum of $200 million. This transaction will be completed around the first half of 2023.
Here’s what Bakkt’s latest acquisition would bring to the table
As per the digital asset firm, its latest acquisition would spruce up its presence in the crypto market. It intends to expand its existence in the market in several arenas like trading app platforms, neo banks as well as fintech firms.
In accordance with the terms of the deal, Bakkt and Apex Fintech Solutions will sign a business contract that outlines the continuation of their working partnership and the delivery of Bakkt crypto solutions to Apex’s user base. Elaborating on the same, Gavin Michael, CEO of Bakkt said,
“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”