Bakkt sunsets its consumer-facing crypto app to focus on B2B solutions
Digital asset platform Bakkt has announced its plans to shift its focus to B2B technology solutions. The company said it will soon be sunsetting its consumer-facing app, which was designed to give users the ability to utilize their digital assets in different ways. The app, launched in March 2021, offered a user-friendly experience that brought together various digital assets, including cryptocurrencies, loyalty points, and gift cards.
Despite the discontinuation of its consumer-facing app, current Bakkt App users will still have access to their crypto and cash holdings through a new web-based platform, available on all devices. According to Bakkt, users can still check their crypto balances and obtain transaction reports for tax purposes. The app is expected to cease operations on March 16, 2023.
Gavin Michael, President & CEO of Bakkt, emphasized the company's commitment to providing the best solutions to their partners and clients, saying, "The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers.” He added that the company is focusing its investment on its core solutions that have product-market fit and are positioned for rapid scaling.
Bakkt aims to continue providing businesses with crypto and loyalty experiences for its customers through SaaS and API solutions on a secure and compliant platform.
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In November 2022, Cointelegraph reported that Bakkt had agreed to acquire Apex Crypto for a price of $200 million. Apex Crypto is a turnkey platform for integrated crypto trading, serving over 5 million customers through more than 30 fintech partners. The upcoming acquisition further reinforces
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