Bakkt Offers crypto sale, purchase, holding and salvage services for commercial and retail clients. The firm has recently announced that it will delist 25 of the 36 digital assets listed.
The amount represents 2/3 or 66.66% of the total crypto listings on the platform. The report has been confirmed by a new publication in the Wall Street Journal. It is important to note that Bakkt acquired all 25 cryptocurrencies set for delisting through a new acquisition.
The firm only listed the new crypto trading established when it bought Apex Crypto as a new subsidiary. Some of the major trading cryptocurrencies that are present in the exclusion pool include names like uniswap, Link of the chainCosmos, Stellar, file currencyInternet Computer, Basic Attention Tone, thesisetc
The list is not exhaustive and includes other small-cap cryptocurrencies as well. Officials at the crypto firm told the media that they opted out of the listing due to regulatory pushback.
Bakkt will entertain only retail customers
The cryptocurrency delisting decision signals Bakkt's distancing from consumer markets. To do this, the firm has decided to only maintain the website for the use of retail clients.
On the other hand, the company decided to take over the consumer app operations from February 2023. Bakkt absorbed Apex Crypto in April for a whopping $155 million. With the new acquisition, the firm has started its commercial services and has ventured into the B2B or business-to-business sector.
However, it appears that now that the business services offered by the firm are coming to an end, it will continue to serve retail clients only. It is worth noting that when Bakkt started, it has plans to offer Bitcoin futures trading services for commercial financial institutions.
However, since crypto derivatives services are subject to strict regulatory sanctions within US jurisdiction, Bakkt has continued to hold its own in retail prior to acquiring Apex. The acquisition of the firm was finalized just a month ago.
Cosmos is the internet of blockchains that offers interoperability services for various block chain ecosystems. The entity touts over $151 billion AUM. Neutron recently became the latest crypto network in the system to take advantage of Cosmos's duplicate security feature.
This feature allows blockchain networks hosted on Cosmos to enable a firewall using the Cosmos Hub set of validators. It is like outsourcing the security protocol to Cosmos Hub to save costs and continue to offer services within the interoperable network of blockchains.
It is important to mention that Neutron is used for the issuance of new smart contracts based on its native computing environment. Neutron executive Avril Dutheil has told the media that by leveraging Cosmos' security feature, developers are now updating cross-chain limitations.
Cosmos Hub is colloquially known as ATOM Economic Zone or AEZ. Blockchain ecosystems use it to network between application chains.
Neutron was proposed in the Cosmos community as proposal 792. All networks that are working to solve the Trilemma through outsourcing can apply for approval on the Hub.
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