Bakkt Retires Its Crypto App For Consumers In Order To Concentrate On B2B Solutions

Key Points:

• The digital asset platform Bakkt has stated that it would concentrate on B2B technology solutions going forward.
• Bakkt App users will still retain access to their cryptocurrency and cash holdings through a new web-based platform that is accessible on all platforms, despite the shutdown of its consumer-facing app.
• Through SaaS and API solutions on a secure and compliant platform, Bakkt wants to keep offering businesses crypto and loyalty experiences for its customers.

The digital asset platform Bakkt has stated that it would concentrate on B2B technology solutions going forward.

The company said that it would soon be retiring its consumer-facing app, which was created to enable consumers to make use of their digital assets in various ways. The app, which went live in March 2021, provided a simple user interface and linked together different digital assets like gift cards, loyalty points, and cryptocurrency.

Current Bakkt App users will still retain access to their cryptocurrency and cash holdings through a new web-based platform that is accessible on all platforms, despite the shutdown of its consumer-facing app. Users can still monitor their cryptocurrency holdings and get transaction reports for tax purposes, according to Bakkt. The app is anticipated to shut down on March 16, 2023.

The discontinuance of the app guarantees we are supporting the relationship our partners and clients have with their customers, President & CEO Gavin Michael said, underscoring the company’s dedication to offering the best solutions to its partners and clients. He continued by saying that the business is concentrating its investment on its core offerings, which have a good product-market fit and are ready to scale up quickly.

Through SaaS and API solutions on a secure and compliant platform, Bakkt wants to keep offering businesses crypto and loyalty experiences for its customers.

Apex Crypto would be purchased by Bakkt for $200 million

Through more than 30 fintech partners, Apex Crypto serves over 5 million users as a turnkey platform for integrated cryptocurrency trading. The anticipated acquisition strengthens B2B2C approach and its objective of reaching a larger clientele.

Apex Crypto’s integration with Bakkt’s operations is anticipated to improve the cryptocurrency company’s offerings and expand its reach through fintech companies, trading platforms, and neo-banks. With the help of this partnership, crypto products like staking, transfers, and NFTs will evolve and become more innovative, increasing Bakkt’s revenue and service offerings diversity.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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