Bakkt to delist two-thirds of supported tokens

2023-5-13 01:35

Bakkt will delist the majority of its previously supported cryptocurrency tokens, The Wall Street Journal reported May 12.

Delisting 25 cryptocurrencies

Bakkt will specifically delist 25 of the 36 assets that it once supported through its recently acquired subsidiary Apex Crypto.

Notable assets that are set for delisting include Avalanche (AVAX), Uniswap (UNI), Chainlink (LINK), Cosmos (ATOM), Stellar (XLM), Internet Computer (ICP), Filecoin (FIL), Tezos (XTZ), and Basic Attention Token (BAT), among others.

A company representative cited recent regulations and changes to the crypto industry as the firm’s reasons for delisting the assets in question.

Shifting strategies

Bakkt’s decision to delist the above cryptocurrencies coincides with its shift away from consumer services. The company announced plans to discontinue its consumer app in favor of a web-only retail experience in February 2023.

The company also acquired Apex Crypto for $155 million in April, marking the beginning of its recent focus on business-to-business (B2B) services.

Bakkt was originally launched with the intention of providing institutional access to physically-settled Bitcoin futures trading.

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The post Bakkt to delist two-thirds of supported tokens appeared first on CryptoSlate.

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