Cryptocurrency Firm Bakkt Announces to Delist 25 Tokens
Bakkt offers crypto selling, buying, holding, and redemption services for commercial and retail clients. The firm has recently announced that it is delisting 25 out of total 36 listed digital assets.
The amount makes up for 2/3rd 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 the 25 cryptocurrencies set for delisting via a new acquisition.
The firm only listed the new crypto trading set when it purchased Apex Crypto as a new subsidiary. Some of the top trading cryptocurrencies that are present in the delisting group include names like Uniswap, Chainlink, Cosmos, Stellar, Filecoin, Internet Computer, Basic Attention Tonen, Tezos, etc.
The list is non-exhaustive and includes other small-cap cryptocurrencies as well. The officials of the crypto enterprise have told the media that they have opted for the delisting on account of regulatory pushback.
Bakkt will Entertain only Retail Clients
The delisting decision of cryptocurrencies indicates the shift of Bakkt away from the consumer markets. To this end, the firm has decided to continue only the website for the use of retail clients.
On the other hand, the firm has decided to seize the consumer app operations since 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 ventured into the B2B or business-to-business sector.
However, it seems that now that commercial services offered by the firm are coming to an end and it will continue to serve only retail clients. It is worth noting that when Bakkt started, it has plans to offer Bitcoin futures trading services for commercial financial entities.
Nevertheless, since crypto derivatives services are put under strict regulatory sanctions within the US jurisdiction, Bakkt has continued to stick with the retail sector before it acquired Apex. The acquisition of the firm was finalized only a month ago.
Cosmos is the internet of blockchains that offers interoperability services for various blockchain ecosystems. The entity touts more than $151 billion AUM. Recently Neutron has become the latest crypto network on the system to avail the duplicate security feature of Cosmos.
This feature allows the hosted blockchain networks on Cosmos to enable a firewall using the validator set of the Cosmos Hub. It is like outsourcing the security protocol to Cosmos Hub for cost-saving and continuing to offer services within the interoperable web of blockchains.
It is important to mention that Neutron is used for the issuance of new smart contracts based on its native computational environment. Neutron executive Avril Dutheil has told media that by leveraging the security feature of Cosmos, the devs are now upgrading cross-chain limitations.
Cosmos Hub is colloquially known as ATOM Economic Zone or AEZ. It is used by blockchain ecosystems to network between the appchains.
Neutron was proposed at the Cosmos community as proposition 792. All chains that are working on solving the Trilemma by outsourcing can apply at the Hub for approval.
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