Digital asset platform Bakkt has announced plans to shift its focus to B2B technology solutions. The company says it will release a consumer-facing app, designed to give users the ability to use their digital assets in different ways. The app, which launches in March 2021, offers a user-friendly experience that integrates various digital assets, including cryptocurrencies, loyalty points, and gift cards.
Despite discontinuing the consumer-facing app, Bakkt App users now still have access to their crypto holdings and cash through a new web-based platform, available on all devices. According to Bakkt, users can still check their crypto balances and get transaction reports for tax purposes. The application is expected to cease operations on March 16, 2023.
Gavin Michael, President & CEO of Bakkt, emphasized the company’s commitment to provide the best solutions for partners and clients, saying, “The termination of the application ensures that we support the relationship of partners and clients with our customers.” He added that the company is focusing its investments on core solutions that are relevant to the product market and are positioned quickly.
Bakkt aims to continue to provide businesses with crypto experiences and loyalty for their 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 $200 million. Apex Crypto is a turnkey platform for integrated crypto trading, serving more than 5 million customers through more than 30 fintech partners. The upcoming acquisition further strengthens Bakkt’s B2B2C strategy and aims to bring crypto products to a wider client base.
The integration of Apex Crypto into Bakkt’s operations is expected to expand the company’s cryptocurrency offerings and reach a wider audience through fintech companies, trading platforms, and neo-banks. This collaboration aims to drive the development and innovation of crypto products such as staking, transfer, and NFT, which ultimately leads to an increase in revenue and diversity for Bakkt when developing services.