Digital asset platform Bakkt has announced plans to focus on B2B technology solutions. The company has announced that it will soon be discontinuing its consumer app, designed to give users the ability to use their digital assets in different ways. The app, launched in March 2021, offered a user-friendly experience that brought together various digital assets, such as cryptocurrency, loyalty points, and gift cards.
Despite the discontinuation of its consumer-facing app, current Bakkt App users will continue to have access to their cryptocurrency holdings and cash through a new web-based platform, available on all devices. According to Bakkt, users can still check their cryptocurrency balances and get transaction reports for tax purposes. The app is expected to stop working on March 16, 2023.
Gavin Michael, President and CEO of Bakkt, emphasized the company’s commitment to providing the best solutions to its partners and customers, saying, “The discontinuation of the app ensures that we are supporting the relationship our partners and customers 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 scalability.
Bakkt aims to continue providing businesses with cryptocurrency and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.
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 cryptocurrency trading, serving more than 5 million clients through more than 30 fintech partners. The upcoming acquisition further reinforces Bakkt’s B2B2C strategy and its goal to bring crypto products to a broader customer base.
The integration of Apex Crypto into Bakkt’s operations is expected to enhance the crypto firm’s offering and reach a broader audience through fintech companies, trading platforms, and neobanks. This collaboration aims to drive development and innovation of cryptocurrency products such as staking, transfers and NFTs, ultimately leading to increased revenue and diversity for Bakkt as it expands its services.
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