Digital asset platform Bakkt reportedly put its ink on an agreement to purchase Apex Crypto, LLC, from Apex Fintech Solutions, Inc. 

Specifically detailed in the agreement, Bakkt is expected to complete the acquisition of Apex Crypto for the price tag of $200 million, making its first payment of $55 million at the closing of the deal. 

The transaction will have a likelihood of finalization within the first six months of 2023 and is subject to regulatory reviews.

Established three years ago, Apex Crypto reportedly functions as a “turnkey platform” devoted to integrated crypto trading, designed with a primary target of satisfying the surging demands of over 30 fintech entities and their growing customers. 

Apex Crypto was essentially developed “to allow investors to transition between trading equities and cryptocurrency via providing efficient account opening and funding solutions” while taking care of complex crypto-associated regulatory and licensing duties.

Bakkt’s acquisition of Apex Crypto is reportedly expected to become a boost for its cryptocurrency product services, as well as widening the scope of its customer base to cover fintech companies, trading app platforms and neo-banks, providing crypto solutions to Apex’s 220-plus clients. 

The joint effort is expected to fast-track product innovation and development for crypto products, nominally staking, external transfers and nonfungible tokens (NFTs). In conclusion, the deal is expected to reinforce and diversify Bakkt’s revenue as it scales its offerings.

Established by the Intercontinental Exchange in 2018, Bakkt initially provided Bitcoin futures contracts exclusively to accredited investors. 

In March last year, the platform rolled out a payments app making it possible for users to utilize crypto to make purchases, built to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”