Bakkt Mass Delists Tokens Including Aave, Avalanche, Compound, Filecoin, MakerDAO and Uniswap
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Regulatory guidance and industry developments have led Bakkt, Intercontinental Exchange’s crypto business, to mass-delist a number of digital assets, including some prominent decentralized finance (DeFi) tokens.
The full list of de-listed tokens are: Aave (AAVE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ) and Uniswap (UNI).
“Following the closing of our acquisition of Apex Crypto and as part of our regular coin listing review process, we have made the decision to delist a number of coins on the platform,” a spokesperson for the exchange told CoinDesk. “Our clients’ and their consumers’ best interests are our core commitment, and our review process ensures those interests are best served when we contemplate the most up-to-date regulatory guidance and the latest industry developments.”
Bakkt acquired Apex Crypto in November for $200 million, and the deal is expected to close in the first half of 2023. This was part of the firm’s shift away from retail towards B2B, as it recently shuttered its consumer crypto trading app after two years.
The exchange has struggled to gain a foothold in the market and a critical mass of traders; it posting quarterly revenues of $13 million last quarter, 10% below the average analyst estimate.
Bakkt’s stock is up 3.45% year-to-date, but down nearly 40% over the last six months.