Bakkt Holdings, Inc. revealed (NYSE: BKKT) announced its plan to expand its cryptocurrency capabilities to 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 cryptocurrency trading capabilities in Latin America by entering Mexico and Argentina. They also have plans to live in Brazil by the end of 2023.
Gavin Michael, CEO, Bakkt, Source: Bakkt
Bakkt and Hapi plan to launch their services in Spain by the end of 2023. Additionally, Bakkt will bring its UK and EU cryptocurrency trading and custody services to version 3.0 of its cryptocurrency app, with a launch planned by the end of the year. Bakkt’s expansion into Asia includes partnerships with 3.0 Verse, covering regions such as Hong Kong and Singapore.
“We are working efficiently to expand into international territories with greater regulatory clarity and larger addressable markets. We are excited to collaborate with customers who are excited to pursue these opportunities together,” said Gavin Michael, CEO of Bakkt.
“Pakt’s history of regulatory compliance has positioned us well to expand globally, and we will continue to seek expansion opportunities with additional customers in existing and new markets.”
Bakkt is expanding locally through collaborations with institutionally backed clients. One of these collaborations includes a seed agreement with EDX Markets, a digital assets marketplace serving local crypto businesses and large financial institutions. Bakkt is set to join EDX’s clearinghouse and custodial network, where it will initially serve as a qualified standby custodian.
Combining forces: Acquisition of Apex Crypto
In a previous report, Finance Magntes wrote that Bakkt had its sights set on expanding its crypto presence and venturing into new areas, such as fintech, trading app platforms and neobanks, with its strategic decision to acquire Apex Crypto.
The acquisition aims to diversify Bakkt’s revenue sources and strengthen its overall business operations. Bakkt agreed to a maximum purchase price of $200 million for the acquisition. The transaction will begin with an initial payment of $55 million in cash upon closing, followed by additional payments of up to $45 million and $100 million in Bakkt stock, contingent on the acquired business performing in the fourth quarter of 2022 and meeting financial targets. Targets until 2025
The two companies were working to close the acquisition in the first half of 2023, subject to obtaining the necessary regulatory approvals. Founded in 2019, Apex Crypto provides a platform for investors to transition between stock and cryptocurrency trading. Its services cater to over 30 fintech companies and their client base, providing a complete solution for cryptocurrency trading.
Bakkt Holdings, Inc. revealed (NYSE: BKKT) announced its plan to expand its cryptocurrency capabilities to 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 cryptocurrency trading capabilities in Latin America by entering Mexico and Argentina. They also have plans to live in Brazil by the end of 2023.
Gavin Michael, CEO, Bakkt, Source: Bakkt
Bakkt and Hapi plan to launch their services in Spain by the end of 2023. Additionally, Bakkt will bring its UK and EU cryptocurrency trading and custody services to version 3.0 of its cryptocurrency app, with a launch planned by the end of the year. Bakkt’s expansion into Asia includes partnerships with 3.0 Verse, covering regions such as Hong Kong and Singapore.
“We are working efficiently to expand into international territories with greater regulatory clarity and larger addressable markets. We are excited to collaborate with customers who are excited to pursue these opportunities together,” said Gavin Michael, CEO of Bakkt.
“Pakt’s history of regulatory compliance has positioned us well to expand globally, and we will continue to seek expansion opportunities with additional customers in existing and new markets.”
Bakkt is expanding locally through collaborations with institutionally backed clients. One of these collaborations includes a seed agreement with EDX Markets, a digital assets marketplace serving local crypto businesses and large financial institutions. Bakkt is set to join EDX’s clearinghouse and custodial network, where it will initially serve as a qualified standby custodian.
Combining forces: Acquisition of Apex Crypto
In a previous report, Finance Magntes wrote that Bakkt had its sights set on expanding its crypto presence and venturing into new areas, such as fintech, trading app platforms and neobanks, with its strategic decision to acquire Apex Crypto.
The acquisition aims to diversify Bakkt’s revenue sources and strengthen its overall business operations. Bakkt agreed to a maximum purchase price of $200 million for the acquisition. The transaction will begin with an initial payment of $55 million in cash upon closing, followed by additional payments of up to $45 million and $100 million in Bakkt stock, contingent on the acquired business performing in the fourth quarter of 2022 and meeting financial targets. Targets until 2025
The two companies were working to close the acquisition in the first half of 2023, subject to obtaining the necessary regulatory approvals. Founded in 2019, Apex Crypto provides a platform for investors to transition between stock and cryptocurrency trading. Its services cater to over 30 fintech companies and their client base, providing a complete solution for cryptocurrency trading.