US-based digital asset marketplace Bakkt has received regulatory approval to acquire trading infrastructure provider Apex Crypto for USD 155 million. According to Yahoo, this represents one of the largest deals in crypto since the onset of the bear market in 2021.

As part of the deal, Bakkt will pay USD 55 million in cash as well as USD 100 million in stock. Bakkt worked with its regulator, NYDFS, to complete the deal, and according to the same source, the acquisition of Apex represents a path toward profitability as the company is looking to strengthen its position following the crypto winter. Bakkt was founded in 2018 and has tackled the crypto market in different ways including offering Bitcoin futures trading to institutional investors, as well as a direct-to-consumer crypto-powered rewards program.

Company representatives cited by Yahoo revealed that Bakkt has now settled on a business-to-business-to-consumer strategy, which means that it offers its services to other businesses that serve retail customers in turn. They also outlined that Apex could help Bakkt expand into overseas markets as some of its existing financial technology clients operate internationally. As for Apex Crypto, its business model is similar to Bakkt’s, as it allows other businesses to implement crypto trading into their services.

Specifically, Apex Crypto offers its clients a solution for execution, clearing, custody, cost basis, and tax services in order to streamline the delivery of frictionless crypto investing in more than 30 tokens.   By acquiring Apex, Bakkt will manage the company’s almost 6 million crypto-enabled accounts, 30 enterprise clients, and USD 12. 5 billion worth of crypto trades.

Bakkt is focusing more on B2B technology solutions In February 2023, Bakkt decided to shut down its consumer-oriented crypto app in order to focus more on B2B technology solutions. The Bakkt app, which was created to provide users with the ability to use their digital assets in various ways closed down in March 2023. At the time, company representatives talked about the discontinuation of the app and expressed their commitment to supporting the relationship their partners and clients have with their customers.

They also revealed the company’s new focus on its core solutions that have product-market fit and have a potential for quick scaling. The app was originally launched in March 2021 and brought together different digital assets such as cryptocurrencies, gift cards, and loyalty points. Users of the Bakkt App are still be able to access their crypto and cash holdings via a new web-based platform named Bakkt Access.

The platform can help users check their crypto balances and obtain transaction reports for tax purposes. .