Bakkt LLC, a digital asset startup founded by New York Stock Exchange owner Intercontinental Exchange Inc., announced Monday that it finalized its acquisition of crypto trading firm Apex Crypto LLC.

Apex Crypto provides a turnkey platform for integrated cryptocurrency trading designed to meet the needs of financial institutions and trading customers such as neobanks. Through its services, Apex provides solutions including crypto custody, exchange, cost basis and tax services by facilitating the transaction of crypto investments.

Through the acquisition, Apex Crypto will bring more than enterprise 30 clients to Bakkt and a large network of financial technology solutions. According to the company, it has dealt with more than $12.5 billion in crypto trades since its launch in 2019.

“This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the [business-to-business-to-consumer] crypto provider of choice,” said Chief Executive Gavin Michael.

Bakkt announced its deal to acquire Apex in early November 2022 for a maximum purchase price of $200 million. As part of the deal, the company said it would pay $55 million in cash at the closing of the deal, followed by $45 million in Bakkt stock depending on the performance of Apex Crypto in the fourth quarter of 2022, and up to $100 million more Bakkt stock and sellers notes depending on performance through 2025.

The acquisition of Apex comes at a time when regulators are cracking down on the crypto industry, making this an important step for Bakkt. The company is based in New York, where it has received approval from the New York Department of Financial Services and secured both a BitLicense and a trust charter. Both Bakkt and Apex also needed to receive regulatory approval from other states that they operate in where they have money transmitter licenses.

Times have been rocky for the crypto industry since the collapse of Sam Bankman-Fried’s crypto exchange FTX Trading Ltd. led to a domino effect of market volatility and institutional bankruptcies. Most recently, crypto banking opportunities have been hurt as crypto-friendly Silvergate Bank shut down operations due to market conditions and New York regulators took control of Signature Bank.

Through the acquisition, Bakkt will build out its products and services to reach even more customers, especially in international markets through Apex’s financial technology partners.

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