Digital asset platform Bakkt has announced its plans to shift its focus to B2B know-how options. The corporate stated it’s going to quickly be sunsetting its consumer-facing app, which was designed to offer customers the flexibility to make the most of their digital belongings in several methods. The app, launched in March 2021, provided a user-friendly expertise that introduced collectively varied digital belongings, together with cryptocurrencies, loyalty factors and reward playing cards.
Regardless of the discontinuation of its consumer-facing app, present Bakkt App customers will nonetheless have entry to their crypto and money holdings by way of a brand new web-based platform, obtainable on all units. In accordance with Bakkt, customers can nonetheless verify their crypto balances and procure transaction stories for tax functions. The app is predicted to stop operations on March 16.
Bakkt president and CEO Gavin Michael emphasised the corporate’s dedication to offering one of the best options to their companions and purchasers, saying, “The discontinuation of the app ensures we’re supporting the connection our companions and purchasers have with their prospects.” He added that the corporate is focusing its funding on its core options which have product-market match and are positioned for fast scaling.
Bakkt goals to proceed offering companies with crypto and loyalty experiences for its prospects by way of SaaS and API options on a safe and compliant platform.
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In November, Cointelegraph reported that Bakkt had agreed to accumulate Apex Crypto for a worth of $200 million. Apex Crypto is a turnkey platform for built-in crypto buying and selling, serving over 5 million prospects by way of greater than 30 fintech companions. The upcoming acquisition additional reinforces Bakkt’s B2B2C (business-to-business-to-consumer) technique and its aim of bringing crypto merchandise to a broader shopper base.
The mixing of Apex Crypto into Bakkt’s operations is predicted to reinforce the cryptocurrency agency’s choices and attain a wider viewers by way of fintech corporations, buying and selling platforms and neo-banks. This collaboration goals to drive the event and innovation of crypto merchandise reminiscent of staking, transfers, and NFTs, in the end resulting in a rise in income and variety for Bakkt because it expands its companies.
