Big Changes at Bakkt

Bakkt, the digital asset heavyweight, has decided to part ways with 25 out of the 36 crypto tokens listed on its newly acquired trading platform, Apex Crypto. This might come as a shock to many, as these tokens were once staples in the decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.

What’s Driving This Decision?

A spokesperson from Bakkt explained this move is part of their ‘regular coin listing review process’. This phrase might sound like corporate jargon to many, but what it really means is they are taking a good hard look at the latest regulatory guidance and what’s poppin’ in the crypto world before deciding which tokens have to go.

The Dropped Tokens

Among the casualties are some big names that everyone loves to hate-watch. Here’s the full list of the delisted tokens that you might want to send a virtual condolence card to:

• Aave (AAVE)
• ApeCoin (APE)
• Avalanche (AVAX)
• Bancor Network Token (BNT)
• Basic Attention Token (BAT)
• Chainlink (LINK)
• Chiliz (CHZ)
• Compound Token (COMP)
• Cosmos (ATOM)
• Curve DAO (CRV)
• Enjin Coin (ENJ)
• Fantom (FTM)
• Filecoin (FIL)
• GALA (GALA)
• The Graph (GRT)
• Internet Computer (ICP)
• Loopring (LRC)
• Maker DAO (MKR)
• Republic (REN)
• Stellar (XLM)
• SushiSwap (SUSHI)
• Synthetix (SNX)
• Texos (XTZ)
• Uniswap (UNI)
• Yearn.finance (YFI)

A New Chapter: From Retail to Business

This shake-up isn’t entirely surprising, especially since Bakkt is trying to pivot from its retail trading app—where it offered crypto trading along with loyalty rewards and gift cards—to focusing solely on business-to-business operations. Talk about a makeover!

The Financial Landscape

In the midst of all this, Bakkt has kept its eyes on the numbers. After acquiring Apex Crypto for a cool $55 million in cash and $145 million in stock, they seem determined to reach new heights in the fintech market. Although their stock took a 7% dive on May 12, it looks like they’re staying the course in pursuit of greater industry influence.