Stock-listed Bakkt has agreed to pay $200 million to acquire Apex Crypto LLC, a subsidiary of Apex FinTech Solutions Inc.

By being part of the Bakkt brand, Apex Crypto helps the parent company’s business operations grow, drawing on its unique infrastructure to bridge the gap between companies in the mainstream sector and those operating in the crypto space.

Under the terms of the agreement, Bakkt will pay $55 million in cash directly and $45 million when Apex achieves its financial goals by the end of the fourth quarter (Q4) of this year.

Bakkt’s CEO Gavin Michael commented:

We find in Apex a unique asset that expands our crypto customer base, provides us with an accelerated market for new crypto capabilities, and serves as an additional vehicle for continued sales to a crypto-savvy audience through Apex fintech solutions.

With the addition of this complementary business, we believe we are poised to become the preferred crypto provider for financial institutions, fintech companies, merchants or loyalty programs looking to offer seamless crypto experiences to their customers.

The acquisition is expected to enable us to unlock more innovative opportunities that will attract the next generation of consumers such as crypto rewards and NFT.

Bakkt went public on the New York Stock Exchange (NYSE) in October of last year, setting an entirely new agenda for the company in the Web 3.0 world.

The company has not sat idly in the face of developments and over the past few years has prioritized launching innovative products to serve its corporate and retail customers.

From partnering with Starbucks to launching a crypto product with Galaxy Digital, Bakkt has made its mark across the length and breadth of the cryptocurrency ecosystem.

The agreement with Apex will reinforce these implications when the following regulatory approvals are closed.

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