The crypto industry is littered with the corpses of now-shuttered businesses. Among the survivors, at least so far, is Bakkt, a crypto company founded by New York Stock Exchange owner Intercontinental Exchange. But after a previously unreported second round of layoffs earlier this month, a slew of executive exits and the shuttering of its consumer app, few would be betting on Bakkt.
Yet Bakkt isn’t giving up. Last November it announced the purchase of Apex Crypto for $55 million in cash as well as stock valued at more than $100 million over the next three years, a deal it won despite competition from crypto trading firm FalconX and payments firm Zero Hash. Assuming Bakkt completes the deal, it could help the company turn its fortunes around.
