Bakkt, a popular digital assets platform, has announced its plan to delist two-thirds of the tokens it currently supports. This move is part of the company’s decision to focus more on the most relevant cryptocurrencies and to ensure that it offers high-quality products to its users.
In a statement released on Monday, Bakkt revealed that it would be delisting 98 tokens from its exchange, leaving just 58 digital assets available for trading. Among the tokens being delisted are some of the less popular altcoins such as appCoins (APPC) and WaltonChain (WTC). The list also includes some tokens that are no longer being actively developed.
The announcement by Bakkt follows similar moves by other digital assets platforms such as Binance, which also delisted several tokens from its exchange in 2019. The decision by these platforms to delist certain tokens is aimed at increasing the quality of trading on their platforms, as well as reducing the possibility of fraudulent activities.
The delisting process by Bakkt will commence on June 18, with the affected tokens being suspended for trading at 4.00 pm EST. However, users of the platform will still be able to withdraw their delisted tokens until July 23, when the withdrawal service for these tokens will end.
Bakkt’s decision to delist some tokens has been greeted with mixed reactions by the cryptocurrency community. While some believe it is a move in the right direction, others think it may hurt smaller and less popular projects.
“While it’s great to see platforms taking steps to ensure quality, it’s important to consider the impact of such decisions on the wider cryptocurrency ecosystem,” said a cryptocurrency analyst. “Delisting less popular tokens could ultimately harm innovation and hinder the growth of the sector.”
Despite these concerns, Bakkt appears committed to ensuring that it maintains a high level of service and quality for its users. In addition to the delisting of some tokens, the platform has also announced plans to allow Bitcoin (BTC) options trading from September this year, which is expected to attract more institutional investors to the industry.