In April, the Bakkt platform bought out Apex Crypto and the report includes “significant gross cryptocurrency services revenue generated by Apex Crypto’s trading activity.”
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“The completion of the acquisition of Apex Crypto at the beginning of the quarter was a turning point for us. We are successfully expanding our presence in the cryptocurrency ecosystem by attracting new customers,” explained Bakkt CEO Gavin Michael.
Gavin Michael was tactfully silent on the fact that the company continues to lose money. Net loss for the second quarter of this year reached $50.5 million. A year ago, the figure was $27.6 million.
After the acquisition of Apex Crypto, the firm was renamed Bakkt Crypto Solutions. The division’s clients include Blockchain.com, invstr and Swan Bitcoin, among others.
Trading volume on the Bakkt platform totaled $531 million in the second quarter, down 51% from the same period a year earlier. The number of active accounts declined 20% year-over-year. However cryptocurrencies in custodial service Bakkt rose 3% to $660 million. This is due, the platform said, to the rising price of many assets.
In June, the cryptocurrencies Solana, Polygon and Cardano disappeared from the Bakkt platform due to regulatory pressure in the U.S. due to regulatory pressure.
cryptocurrencies Solana, Polygon and Cardano.
