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Bakkt Streamlines Apex Crypto Platform By Removing 25 Tokens

In a recent development, the digital asset firm Bakkt delisted 25 tokens used in decentralized finance transactions from its trading platform, Apex Crypto. Bakkt acquired the platform in 2022 with 36 tokens, now 11 after the overhaul exercise.

According to the firm, its reasons for delisting the tokens was to follow “up-to-date regulatory guidance.”

25 Tokens Failed Bakkt Coin Listing Review Process

Bakkt performed its normal coin listing reviews, after which it removed 25 tokens from the platform. 

A Bakkt representative said the company aims to protect its customers’ best interests. As such, the review process focuses on how to serve those interests based on the latest industry developments and up-to-date regulatory guidance. 

As of press time, the firm hasn’t released more details on the action. But the tokens were major ones that facilitated DeFi transactions. 

These tokens include Aave (AAVE), Bancor Network Token (BNT), ApeCoin (APE), Basic Attention Token (BAT), Avalanche (AVAX), Cosmos (ATOM), Filecoin (FIL), Curve DAO (CRV), Chainlink (LINK). 

Also, Compound Token (COMP), Enjin Coin (ENJ), Chiliz (CHZ), Fantom (FTM), GALA (GALA), Loopring (LRC), The Graph (GRT), Maker DAO (MKR), and Internet Computer (ICP) were delisted.

Other ones include Sushiswap (SUSHI), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), and Texos (XTZ). 

This is not the first time Bakkt has made a major decision regarding its customer-oriented services. The firm shut down its retail app that supports crypto trading, gift cards, and loyalty rewards in February 2023. 

At that time, the firm disclosed plans to focus on B2B technology solutions stating that it would offer crypto and loyalty rewards to businesses via API and SaaS solutions. 

Apex Crypto Acquisition A Strategic Move To Expand Offerings

Apex Crypto was launched in 2019 as a turnkey platform for integrated crypto trading, allowing investors to transition from equity to crypto.

Bears In The lead on the chart l Source: TradingView

In November 2022, Bakkt acquired Apex Crypto to expand its services to neo-banks, fintech firms, and trading app platforms. Notably, the trading platform wasn’t profitable at the time.  

But Bakkt wanted to boost its revenue by increasing its offerings through the trading platform. So, it acquired Apex Crypto for $200 million. 

After the deal, Bakkt made the first payment of $55 million in cash and completed the payment in April 2023 with $145 million in stock.

Bakkt went public in October 2021 through a merger with VPC Impact Acquisition Holdings. 

-Image Source: Pixabay, Chart: Tradingview

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Google Pay Partners With Cryptocurrency Exchanges To Accept Their Digital Cards

Another day, another massive company entering the cryptocurrency space. Google is making moves to boost up the profile of their Google Pay service, and, of course, crypto is in the mix. The company hired Arnold Goldberg, ex-Senior Vice President at PayPal, “to run its payments division.” That’s according to Bloomberg, who broke the story. 

“The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies, said Bill Ready, Google’s president of commerce. The business, known for the Google Pay system and mobile wallet, has largely avoided the crypto industry.”

Related Reading | Bitcoin Still Overtook Trump, VISA, PayPal, and Libra on Google Search in 2019

Until now, that is. The company is cautiously entering the cryptocurrency space and NewsBTC is here to tell you what you should know about it.

Google’s Many Failures

The company’s financial division hasn’t been the most successful. Their Google Pay service is far behind its competitors, and facing a crowded space with many players trying to get ahead. Recently, Alphabet Inc. partnered with 11 banks for an initiative called Plex, and canceled everything at the last second. “We’re not a bank — we have no intention of being a bank,” said the company’s president of commerce Bill Ready in a recent interview.

On the other hand, the company has a lot going for it: 

“Google does have enormous consumer reach and a huge balance sheet. The technology giant takes no fees on transactions with its mobile wallet, and Ready said there are no plans to change that.”

Alphabet Inc. price chart on Nasdaq | Source: TradingView.com
What Will The Company’s Crypto Play Consist Of?

Let’s be clear about this, the technology giant is only testing the waters. They haven’t announced anything crazy, nor are they developing technology themselves. Still, it’s a great improvement from their “largely avoided the crypto industry” policy. What are they doing, exactly?

“Google has partnered with companies, including Coinbase Global Inc. and BitPay Inc., to store crypto assets in digital cards, while still having users pay in traditional currencies. Ready said Google is looking to do more of these partnership, though the company still isn’t accepting crypto for transactions.”

Since that’s a little vague, Yahoo! Finance elaborates on the matter:

“Late last year crypto platform Bakkt said its virtual Visa debit card would be available for use on Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out support for Apple Pay and Google Pay for its Coinbase Cards earlier this year. Google is also working with Bitpay and Gemini to support their crypto cards, meaning that people who use these cards can add them to Google Pay.”

To further emphasize the lightness of the company’s crypto play, Bill Ready told Bloomberg:

“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”

How Did The Market React To Google ‘s Announcement?

As soon as the article went live and the news started spreading through the Internet, both Bitcoin and Ethereum’s prices spiked for a little while. Then, as people read exactly what Google announced, the excitement wore off. The two leading cryptocurrencies have been trading horizontally, lightly trending downwards for a while. And this announcement wasn’t strong enough to change that.

Related Reading | Coinbase Adds Option To Buy Crypto With Apple Pay, Google Pay To Follow

Maybe it should’ve been, though.

Featured Image by PhotoMIX-Company on Pixabay | Charts by TradingView

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Bakkt Set To Expand Its Crypto Offering To Include Ethereum

Digital asset marketplace Bakkt on Friday announced that users and partners will soon be able to buy, sell and hold ether (ETH). Users will also be able to send Ethereum to family and friends through its app. Institutional clients can also choose the Bakkt Warehouse for custody of ether.

Related Reading | Bakkt and CME launch new products, Bitcoin’s price reacts accordingly

The platform is adding ethereum to bitcoin, which it already offers. With these two coins, its users have access to two cryptocurrencies representing more than half of the total market value of all cryptocurrencies. The company, however, did not give a specific date for when the Ethereum offer will be available to its users. 

The U.S. company also offers several other crypto services. They include a monthly bitcoin futures contract, crypto payments with a Visa debit card, as well as a Bakkt card with Apple or Google pay.

Offering Ethereum To Users

Bakkt’s decision to add Ethereum to its offering comes amid growing interest and adoption of cryptocurrencies. 

In a survey that the platform conducted, nearly half of respondents said they had bought some form of cryptocurrency within the last year. Others also expressed interest in adopting the asset class before year-end.

ETH price at $4,494.99 | Source: ETHUSD on TradingView.com

Ethereum has become very popular over the years, and it is currently the second-largest crypto with a market cap of approximately $532 Billion.
“By giving users greater opportunities to utilize their digital assets such as Ethereum, including buying, selling, spending, and sending, Bakkt facilitates the flow of digital commerce in line with the company’s mission of connecting the digital economy.”

Speaking on the platform’s latest announcement, CEO Gavin Michael said, “At Bakkt, providing flexible opportunities for users to enjoy their digital assets is a top consideration, and adding Ethereum brings a popular and growing cryptocurrency to our roster.”

“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets.”

Bakkt Providing Easy Access To Crypto

The company has been on a mission to expand crypto adoption. It started trading as a public company on the New York Stock Exchange last month following a merger with VPC Impact Acquisition Holdings.

The company partnered with Google in October to allow users to spend their crypto with the Bakkt Visa debit card at all merchants that use Google Pay. It is also using Google Cloud to build new analytics with artificial intelligence, machine learning, and geolocation.

Related Reading | Mastercard Furthers Investment Into Crypto Card Integration

Also, in October, it partnered with Mastercard to enable institutions to offer a broad set of cryptocurrency solutions and services to customers. This partnership resulted in Bakkt’s shares jumping to more than $25 per share.

Featured image by Financial Times, Chart from TradingView.com