Bakkt is alienating 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 shut down its consumer app, which is designed to give users the ability to use their digital assets in various ways. The app, which was launched in March 2021, offered an easy-to-use experience that combined several digital assets, including cryptocurrencies, loyalty points, and gift cards.

Although the consumer-facing app has been discontinued, existing Bakkt app users will still be able to access cryptocurrencies and fiat holdings through a new web-based platform, available on all devices. According to Packet, users can still check crypto balances and obtain transaction reports for tax purposes. The app is expected to stop working on March 16, 2023.

Gavin Michael, President and CEO of Bakkt, underlined the company’s commitment to providing the best solutions for its partners and customers, saying: “Backkt shutdown ensures that we support the relationship that our partners and customers have with their customers.” He added that the company is focusing its investments on its core solutions that fit the product market and is in a position to expand rapidly.

Bakkt aims to continue providing businesses with crypto and loyalty experiences for their customers through SaaS solutions and APIs on a secure and compliant platform.

Related Topics: History and Evolution of the FinTech Industry

In November 2022, Cointelegraph reported that Bakkt agreed to buy Apex Crypto at a price of $200 million. Apex Crypto is an integrated cryptocurrency trading platform, serving more than 5 million customers through more than 30 fintech partners. The upcoming acquisition furthers Bakkt’s B2B2C strategy and goal of bringing crypto products to a broader customer base.

The integration of Apex Crypto into Bakkt’s operations is expected to enhance the cryptocurrency company’s offering and reach a broader audience through new fintech companies, trading platforms and banks. This collaboration aims to drive the development and innovation of crypto products such as staking, remittances, and NFTs, ultimately increasing revenue and diversification for Bakkt as it expands its services.