A variety of digital assets, including several well-known decentralized finance (DeFi) tokens, have been mass-delisted by Bakkt, the cryptocurrency division of Intercontinental Exchange, as a result of regulatory guidelines and market events.
The digital asset company Bakkt has removed 25 of the 36 crypto coins listed on its newly purchased trading platform Apex Crypto.
The complete list of tokens that have been delisted is 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).
A spokeswoman for the exchange stated, “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 several coins on the platform.”
“Our core commitment is to serve our clients’ and their consumers’ best interests and our review process ensures that those interests are best served when we take into account the most recent regulatory guidance and market developments,” she added.
To obtain a stronger foothold in the fintech industry that Apex served, Bakkt revealed plans to acquire the unprofitable Apex Crypto in November. Through 30 fintech clients, execution, clearing, custody, cost basis, and tax services are provided by Apex Crypto, a so-called “turnkey” solution, for 5 million consumers. In April, Bakkt finalized the transaction for a total of $145 million in shares and $55 million in cash.
According to a financial statement, Bakkt obtained a broker-dealer license from Bumped Financial in February.
Bakkt shut down its retail-focused app that provided cryptocurrency trading, incentives for loyalty, and gift cards in March, announcing that it would focus on B2B activities. At the time, Bakkt said it would offer cryptocurrency and loyalty to businesses through SaaS and API solutions.
After closing its consumer cryptocurrency trading app after two years, the company just made this purchase as part of its transition from retail to B2B.
The exchange has had trouble establishing itself in the market and attracting a sizable number of traders; last quarter, it reported quarterly revenues of $13 million, 10% under the average analyst projection.