The app is expected to cease operations on March 16, 2023.
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 Bakkt's B2B2C strategy and its goal of bringing crypto products to a broader client base.
The integration of Apex Crypto into Bakkt's operations is expected to enhance the cryptocurrency firm's offerings and reach a wider audience through fintech firms, trading platforms, and neo-banks. This collaboration aims to drive the development and innovation of crypto products such as staking, transfers, and NFTs, ultimately leading to an increase in revenue and diversity for Bakkt as it expands its services.
