Bakkt Holdings Inc., an American corporation that is operating a platform for managing digital assets, is set to purchase Apex Crypto LLC.
According to a news statement, the acquisition is expected to build up cryptocurrency products that are rendered by Bakkt and also broaden its client base to include FinTechs, trading platforms, and neo-banks.
Bakkt and Apex Fintech Solutions will enter into a profit-oriented agreement that will foster the existing relationship and provision of Bakkt crypto solutions to over 200 Apex customers under the terms of the transaction. Apex Fintech Solutions will have the opportunity to bring Bakkt’s solutions to its customers as part of the proceeding partnership.
Bakkt will purchase Apex Crypto with an amount of $200 million under the agreement. According to the deal, Bakkt will make an initial deposit of $55 million in cash to seal the deal and also pay $45 million in Bakkt stock if budgetary targets are eventually achieved in the fourth quarter of 2022.
If Apex Crypto meets financial targets through 2025, an additional $100 million in Bakkt stock and seller notes will also be paid. The transaction is expected to close in the first half of 2023.
“At Apex, our goal is to make investing easy for everyone, and Bakkt’s team and platform are an excellent complement. We are excited to continue working together to provide customers with a seamless crypto experience and access to a broader solution set. This marks the beginning of an exciting period of growth and innovation for both of our organizations”, says William Capuzzi, CEO of Apex Fintech Solutions.
Partnerships with Bakkt
Bakkt technology unlocks the utility of crypto and other assets to assist business partners in providing delightful new opportunities to their consumers, which can lead to deeper engagement.
Bakkt has worked with hundreds of partners across the hospitality, food/beverage, and financial industry. Some of their partners include Mastercard, Fiserv, and other global payment outfits.
Mastercard partners will be able to offer cryptocurrency solutions by leveraging the power of the Mastercard network and Bakkt’s trusted digital asset platform. Consumers will be able to buy, sell, and hold digital assets through custodial wallets powered by the Bakkt platform, and the issuance of branded crypto debit and credit cards will be streamlined.
In earlier partnerships, Bakkt announced a strategic partnership with Global payments a leading payments technology company that offers cutting-edge software and services to customers worldwide
