Bakkt has delisted some cryptocurrencies from its platform as it shifts away from retail services.
The platform has delisted AVAX, AAVE and several other cryptocurrencies.
Bakkt Delists Cryptocurrencies As It Continues Its Transition
Intercontinental Exchange-owned Bakkt has delisted some cryptocurrencies from its platform. This latest development comes after the company discontinued its consumer-facing app in February as it shifts away from retail
The platform has delisted numerous cryptocurrencies. These coins and tokens are; Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI).
Bakkt is making the transition away from retail services due to regulatory guidance and the latest industry developments. The platform is delisting numerous DeFi tokens due to the regulatory challenges associated with them.
A spokesperson for Bakkt stated that;
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have made the decision to delist a number of coins on the platform. Our clients and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”
Bakkt completed the acquisition of Apex Crypto last month, in a deal worth $200 million. The company paid an initial $55 million when the deal closed and is set to pay an additional $145 million in Bakkt stocks depending on Apex's ability to hit financial targets over the next two years.
The acquisition of Apex Crypto is part of Bakkt’s push to shift away from retail and target institutional investors.
Despite being owned by ICE, Bakkt has struggled to gain a foothold in the market. In the first quarter of the year, Bakkt posted revenues of $13 million, which is 10% lower than what analysts had estimated.