Publicly traded Bitcoin company Bakkt has agreed to pay $200 million as it seeks to acquire Apex Crypto LLC, a subsidiary of Apex FinTech Solutions Inc.

Being part of the Bakkt brand, Apex Crypto will help power the business operations of the parent company, leveraging its unique infrastructure to help bridge the gap between mainstream and crypto companies.

According to the terms of the agreement, Bakkt will pay the sum of $55 million in cash and will pay $45 million when Apex Crypto reaches its financial goals by the end of the fourth quarter (Q4) of this year.

“We found a unique asset in Apex Crypto, which will broaden our crypto customer base, give us faster speed to market for new crypto capabilities, and serve as an additional avenue for ongoing sales to a crypto-savvy audience through Apex. Fintech Solutions,” said Gavin Michael, CEO of Bakkt.

“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers. It is also expected to allow us to unlock more innovative opportunities that appeal to the next generation of consumers, such as crypto rewards and NFTs.”

Bakkt went public on the New York Stock Exchange (NYSE) in October last year, setting a whole new agenda for the company in the Web3.0 world. The company hasn’t been sitting on its oars in recent years, launching innovative products to serve both its institutional and retail clients.

From partnering with Starbucks to launching a crypto product with digital galaxy, Bakkt has entrenched its footprint far and wide in the digital currency ecosystem. The deal with Apex Crypto will help bolster these footprints when it closes following regulatory approvals.

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