Bakkt, the cryptocurrency business of Intercontinental Exchange (ICE), has announced a mass delisting of several digital assets, including some prominent decentralized finance (DeFi) tokens.
The move comes after regulatory guidance and industry developments have prompted the company to review its coin listing process.
According to the report, the most well known de-listed tokens includes, Aave (AAVE), Avalanche (AVAX), Chainlink (LINK), Chiliz (CHZ), Curve DAO (CRV), Fantom (FTM), Filecoin (FIL), Maker DAO (MKR), Stellar (XLM), Sushiswap (SUSHI), and Uniswap (UNI).
Others are Bancor Network Token (BNT), Basic Attention Token (BAT), Enjin Coin (ENJ), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Republic (REN), Synthetix (SNX), and Texos (XTZ).
In a statement, a Bakkt spokesperson explained that the decision was made as part of the company’s regular coin listing review process:
Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.
The move is a significant blow to the affected tokens, which may see a drop in liquidity and trading volume. However, the delisting is not expected to have a significant impact on the wider cryptocurrency market.
Bakkt’s decision to delist these tokens highlights the growing pressure on cryptocurrency businesses to comply with regulatory guidance and adapt to changing industry developments.
However, with the ongoing evolution of the cryptocurrency market, it is probable that an increasing number of companies will reassess their coin listing procedures and adapt their offerings accordingly.
Bakkt Reports Q1 2023 Results & Acquisition Of Apex
Recently, Bakkt reported Q1 2023 financial and operational results with net revenues of $13 million, up 4% YoY. Accoridng to the press release, Operating expenses of $58.4 million, down 4% YoY, including $4.3 million in restructuring expenses.
The acquisition of Apex Crypto, completed on April 1, 2023, adds about 5.8 million crypto-enabled accounts to Bakkt. As per a spokesperson’s note, Bakkt is set to acquire Apex Crypto for a maximum purchase price of $200 million under the agreement.
The deal was initially closed for $55 million, and Bakkt will pay up to $145 million in Bakkt stock, contingent on Apex Crypto’s financial performance until 2025.
The outlook for Apex Crypto predicts full-year 2023 gross revenues of $1.87 billion to $2.38 billion and crypto costs and execution, clearing, and brokerage fees of $1.87 billion to $2.37 billion. The number of transacting accounts increased 2% YoY, while the net loss increased 4% YoY to $(44.9) million.
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