Bakkt sunsets its consumer-facing crypto app to focus on B2B solutions

Digital asset platform Bakkt has introduced its plans to shift its focus to B2B expertise options. The firm mentioned it’ll quickly be sunsetting its consumer-facing app, which was designed to provide customers the power to make the most of their digital belongings in numerous methods. The app, launched in March 2021, supplied a user-friendly expertise that introduced collectively varied digital belongings, together with cryptocurrencies, loyalty factors, and reward playing cards.

Despite the discontinuation of its consumer-facing app, present Bakkt App customers will nonetheless have entry to their crypto and money holdings by a brand new web-based platform, out there on all gadgets. According to Bakkt, customers can nonetheless examine their crypto balances and acquire transaction experiences for tax functions. The app is anticipated to stop operations on March 16, 2023. 

Gavin Michael, President & CEO of Bakkt, emphasised the corporate’s dedication to offering the most effective options to their companions and shoppers, 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.