A lack of regulatory guidance and other developments in the industry have resulted in Intercontinental Exchange’s crypto arm Bakkt delisting a number of altcoins, including some leading decentralized finance (DeFi) tokens.
23 Altcoins Are Delisting
Citing a lack of regulatory guidance and developments in the industry, cryptocurrency company Bakkt announced the launch of announced that will delist Aave (AAVE), 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) and Uniswap (UNI).
A company spokesperson told CoinDesk, “Following the completion of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have decided to delist a number of altcoins from the platform. “Protecting our clients and their interests is our core commitment, and our review process ensures that these interests are best served when considering the latest regulatory guidance and industry developments.
Bakkt agreed to acquire Apex Crypto in November 2022 and the deal closed on April 1. Under the terms of the deal, Bakkt will acquire Apex Crypto for a maximum price of $200 million. The cryptocurrency company initially paid $55 million when the deal was finalized and will pay up to $145 million in Bakkt shares depending on Apex achieving financial targets by 2025. The acquisition was part of the company’s shift towards individual B2B as it shut down its consumer crypto trading app after two years.
Revenue Declined in the Last Quarter
Although Bakkt struggled to gain a foothold in the market and gain a critical mass of traders, it posted revenue of $13 million last quarter, 10 percent below the average analyst estimate.
The cryptocurrency company’s shares are up 3.45 percent year-to-date, but have fallen nearly 40 percent in the last six months.
