Georgia-based crypto trading firm Bakkt Inc has released results for its third quarter ending September 30, showing a net income of $12.9 million up 41% year-over-year.

The trading platform said its impressive net income was born from an improvement in travel loyalty redemptions.

Although the immediate impacts of the crypto winter had subsided in Q3, most crypto businesses were still facing notable headwinds during that period.

For Bakkt, he said its operating expenses amounted to $1.6, a figure that has ballooned year over year. According to the New York Stock Exchange-listed firm, the bogus spending was fueled by the $1.5 billion impairment it posted “due to the extended time for expected crypto asset product activations and the decline in our market capitalization.” “.

Overall, Bakkt said its business saw significant growth with a total transaction account of 678,000, an increase of 21% year over year.

“Our focus on execution is paying off and we are proud to have initial activations with our crypto capabilities. We are working closely with our partners to bring even more to market in the short term,” said Bakkt CEO and Chairman, Gavin Michael. in a sentence.

Bakkt made headlines recently when it revealed that it had entered into an agreement to acquire Apex Crypto LLC, a subsidiary of Apex FinTech Solutions Inc. The transaction was valued at $200 million and is billed to bring the company into the digital currency payment ecosystem, and constituted an important business milestone for the company for the third quarter.

“We are delighted with the signing of the acquisition of Apex Crypto, which we hope will accelerate our post-closing growth plans as it will significantly expand our cryptocurrency product offering and client verticals. We believe that Apex Crypto will greatly complement our platform and ultimately the acquisition will help us deliver long-term sustainable value for our partners, customers and shareholders,” said Gavin.

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