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Digital asset company Bakkt has dumped 25 of the 36 cryptocurrency tokens listed on its recently acquired Apex Crypto trading platform.
On May 12, a spokesperson for the company told Cointelegraph that the decision was “part of our regular coin listing review process” and added that:
“The best interests of our customers and their consumers are our primary obligation, and our screening process ensures that these interests are best served when we review the latest regulatory guidance and the latest industry developments.”
Further details are scarce at this stage, however, most of the dumped tokens are related to popular decentralized finance and non-fungible token ecosystems.
Delisted tokens include: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Composite Token (COMP ),Space (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC) , MakerDAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI), and Yearn Finance (YFI).
Bakkt announced plans to acquire money-losing cryptocurrency Apex in November to gain a foothold in the fintech market Apex served. Apex Crypto, the so-called turnkey service, provides execution, clearing, custody, cost accounting and taxation services to 5 million clients through 30 fintech clients. Bakkt completed the acquisition in April for $55 million in cash and $145 million in stock.
Related: Bakkt President Adam White announces retirement from digital asset platform
Bakkt acquired a broker-dealer license from Bumped Financial in February, according to financial statements.
In March, Bakkt shut down its retail-focused app that offered cryptocurrency trading, loyalty rewards and gift cards, saying it would focus on B2B transactions. At the time, Bakkt said it would provide crypto and loyalty to businesses through SaaS and API solutions.
Bakkt is owned by the Intercontinental Exchange, which also owns the New York Stock Exchange. Its shares fell 7% on May 12.
