Bakkt to delist two-thirds of supported tokens News โธ Bakkt โธ Regulation
Bakkt to delist two-thirds of supported tokens
The company will end support for 25 of the 36 assets it once supported.
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Updated: May. 13, 2023 at 1:11 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bakkt will delist the majority of its previously supported cryptocurrency tokens, The Wall Street Journal reportedย 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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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bakkt
Bakkt is a new company of NYSE-operator InterContinental Exchange (ICE) designed to bring digital assets to the mainstream and help unlock the potential of this important technology.