Bakkt has announced delisting of several digital assets, including some popular decentralized finance (DeFi) tokens. This comes as Bakkt has been shifting its focus away from retail and towards B2B, following the discontinuation of its consumer-facing application in February, media reports said.
The decision to delist the tokens is based on a review process that takes into account the most up-to-date industry developments and regulatory guidance. Bakkt’s spokesperson stated that the company’s core commitment is to its clients and their consumers’ best interests, and the review process ensures that those interests are best served.
The full list of tokens that will be delisted includes Aave (AAVE), Avalanche (AVAX), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Bancor Network Token (BNT), Basic Attention Token (BAT), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), Loopring (LRC), Maker DAO (MKR), The Graph (GRT), Internet Computer (ICP), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Texos (XTZ), Synthetix (SNX), and Uniswap (UNI).
Bakkt’s recent acquisition of Apex Crypto for a maximum purchase price of $200 million is part of the company’s move towards B2B. The deal locked on April 1, and Bakkt paid $55M initially, with the remaining $145 million to be paid in Bakkt commodities, subject to Apex’s capability to hit monetary targets through 2025.
Although Bakkt has been moving towards B2B, it has encountered difficulties in establishing a significant presence in the market and attracting a crucial mass of traders. The firm’s quarterly revenues in the last quarter amounted to $13 million, falling 10% below what analysts had predicted. While Bakkt’s stock has seen a 3.45% increase year-to-date, it has plummeted almost 40% over the past six months.
