Bakkt Holdings, Inc. (NYSE: BKKT) has unveiled its plan to expand its crypto capabilities into 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's Expansion Plans
Bakkt and its client Hapi, a stock trading platform, have expanded their crypto trading capabilities in Latin America by entering Mexico and Argentina. They also plan to go live in Brazil by the end of 2023.
Bakkt and Hapi are planning to launch their services in Spain by the end of 2023. Additionally, Bakkt will offer crypto trading and custody services in the UK and EU to the crypto app 3.0 verse, with a planned launch by the end of the year. Bakkt's expansion in Asia includes partnerships with 3.0 verse, covering regions, such as Hong Kong and Singapore.
“We are working efficiently to expand into international regions with more regulatory clarity and sizeable addressable markets. We are excited to be collaborating with clients eager to pursue these opportunities together,” said Gavin Michael, the CEO of Bakkt.
"Bakkt's history of regulatory compliance has well-positioned us to expand globally, and we will continue to seek out expansion opportunities with additional clients in current and new markets."
Bakkt is expanding domestically through collaborations with institutionally-backed clients. One such collaboration includes a preliminary agreement with EDX Markets, a digital asset marketplace serving crypto-native firms and large financial institutions. Bakkt is set to join EDX's clearing house and custodial network, initially serving as a backup qualified custodian.
Merging Forces: Acquisition of Apex Crypto
In an earlier report, Finance Magnateswrote that Bakkt was setting its sights on expanding its presence in the cryptocurrency spaceand venturing into new areas, such as fintech, trading app platforms, and neo-banks, with its strategic decision to acquire Apex Crypto.
The acquisition is poised to diversify Bakkt's revenue streams, strengthening its overall business operations. Bakkt has agreed to a maximum purchase price of $200 million for the acquisition. The deal would begin with an initial payment of $55 million in cash at the closing, followed by additional payments of up to $45 million and $100 million in Bakkt stocks, contingent on the acquired business's performance in the fourth quarter of 2022 and the achievement of financial targets through 2025.
Both companies were working towards closing the acquisition in the first half of 2023, subject to the necessary regulatory approvals. Apex Crypto, established in 2019, offers a platform for investors to transition between trading equities and cryptocurrencies. Its services cater to over 30 fintech firms and their customer base, providing an integrated solution for crypto trading.
This article was written by Tareq Sikder at www.financemagnates.com.
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