Bakkt
Holdings, Inc. (NYSE: BKKT)
has unveiled its plan to expand its crypto capabilities into multiple
international markets in collaboration with existing and newly-signed clients.
The expansion is expected to be completed by the end of the year.
Bakkt
and its client Hapi, a stock trading platform, have expanded
their crypto trading capabilities in Latin America by entering Mexico and
Argentina. They also have plans to go live in Brazil by the end of 2023.
Gavin Michael, CEO of Bakkt, Source: Bakkt
Bakkt
and Hapi are planning to launch their services in Spain by the end of 2023.
Additionally, Bakkt will offer crypto trading and custody services in the UK
and EU to the crypto app 3.0 verse, with a planned launch by the end of the
year. Bakkt’s expansion in Asia includes partnerships with 3.0 verse, covering
regions such as Hong Kong and Singapore.
“We are working
efficiently to expand into international regions with more regulatory clarity
and sizeable addressable markets. We are excited to be collaborating with
clients eager to pursue these opportunities together,” said Gavin Michael, CEO
of Bakkt.
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“Bakkt’s history
of regulatory compliance has well-positioned us to expand globally, and we will
continue to seek out expansion opportunities with additional clients in current
and new markets.”
Bakkt
is expanding domestically through collaborations with institutionally-backed
clients. One such collaboration includes a preliminary agreement with EDX
Markets, a digital asset marketplace serving crypto-native firms and large
financial institutions. Bakkt is set to join EDX’s clearing house and custodial
network, initially serving as a backup qualified custodian.
Merging
Forces: Acquisition of Apex Crypto
In
an earlier report, Finance Magntes
wrote that Bakkt
was setting its sights on expanding its presence in the cryptocurrency space
and venturing into new areas, such as fintech, trading app platforms, and
neo-banks, with its strategic decision to acquire Apex Crypto.
The
acquisition is poised to diversify Bakkt’s revenue streams, strengthening its
overall business operations. Bakkt has agreed to a maximum purchase price of
$200 million for the acquisition. The deal would begin with an initial payment
of $55 million in cash at the closing, followed by additional payments of up to
$45 million and $100 million in Bakkt stocks, contingent on the acquired
business’s performance in the fourth quarter of 2022 and the achievement of
financial targets through 2025.
Both
companies were working towards closing the acquisition in the first half of
2023, subject to the necessary regulatory approvals. Apex
Crypto, established in 2019, offers a platform for investors to transition
between trading equities and cryptocurrencies.
Its services cater to over 30 fintech firms and their customer base, providing
an integrated solution for crypto trading.
Bakkt
Holdings, Inc. (NYSE: BKKT)
has unveiled its plan to expand its crypto capabilities into multiple
international markets in collaboration with existing and newly-signed clients.
The expansion is expected to be completed by the end of the year.
Bakkt
and its client Hapi, a stock trading platform, have expanded
their crypto trading capabilities in Latin America by entering Mexico and
Argentina. They also have plans to go live in Brazil by the end of 2023.
Gavin Michael, CEO of Bakkt, Source: Bakkt
Bakkt
and Hapi are planning to launch their services in Spain by the end of 2023.
Additionally, Bakkt will offer crypto trading and custody services in the UK
and EU to the crypto app 3.0 verse, with a planned launch by the end of the
year. Bakkt’s expansion in Asia includes partnerships with 3.0 verse, covering
regions such as Hong Kong and Singapore.
“We are working
efficiently to expand into international regions with more regulatory clarity
and sizeable addressable markets. We are excited to be collaborating with
clients eager to pursue these opportunities together,” said Gavin Michael, CEO
of Bakkt.
Keep Reading
“Bakkt’s history
of regulatory compliance has well-positioned us to expand globally, and we will
continue to seek out expansion opportunities with additional clients in current
and new markets.”
Bakkt
is expanding domestically through collaborations with institutionally-backed
clients. One such collaboration includes a preliminary agreement with EDX
Markets, a digital asset marketplace serving crypto-native firms and large
financial institutions. Bakkt is set to join EDX’s clearing house and custodial
network, initially serving as a backup qualified custodian.
Merging
Forces: Acquisition of Apex Crypto
In
an earlier report, Finance Magntes
wrote that Bakkt
was setting its sights on expanding its presence in the cryptocurrency space
and venturing into new areas, such as fintech, trading app platforms, and
neo-banks, with its strategic decision to acquire Apex Crypto.
The
acquisition is poised to diversify Bakkt’s revenue streams, strengthening its
overall business operations. Bakkt has agreed to a maximum purchase price of
$200 million for the acquisition. The deal would begin with an initial payment
of $55 million in cash at the closing, followed by additional payments of up to
$45 million and $100 million in Bakkt stocks, contingent on the acquired
business’s performance in the fourth quarter of 2022 and the achievement of
financial targets through 2025.
Both
companies were working towards closing the acquisition in the first half of
2023, subject to the necessary regulatory approvals. Apex
Crypto, established in 2019, offers a platform for investors to transition
between trading equities and cryptocurrencies.
Its services cater to over 30 fintech firms and their customer base, providing
an integrated solution for crypto trading.
