Digital asset platform Bakkt has announced its plans to shift its focus to B2B expertise options. The corporate 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 several methods. The app, launched in March 2021, provided a user-friendly expertise that introduced collectively numerous 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 gadgets. In accordance with Bakkt, customers can nonetheless examine their crypto balances and procure transaction stories for tax functions. The app is anticipated to stop operations on March 16.
Bakkt president and CEO Gavin Michael emphasised the corporate’s dedication to offering the very best options to their companions and shoppers, saying, “The discontinuation of the app ensures we’re supporting the connection our companions and shoppers have with their clients.” He added that the corporate is focusing its funding on its core options which have product-market match and are positioned for speedy scaling.
Bakkt goals to proceed offering companies with crypto and loyalty experiences for its clients by way of SaaS and API options on a safe and compliant platform.
Associated: The historical past and evolution of the fintech trade
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 clients by way of greater than 30 fintech companions. The upcoming acquisition additional reinforces Bakkt’s B2B2C (business-to-business-to-consumer) technique and its purpose of bringing crypto merchandise to a broader shopper base.
The mixing of Apex Crypto into Bakkt’s operations is anticipated to reinforce the cryptocurrency agency’s choices and attain a wider viewers by way of fintech companies, buying and selling platforms and neo-banks. This collaboration goals to drive the event and innovation of crypto merchandise akin to staking, transfers, and NFTs, in the end resulting in a rise in income and variety for Bakkt because it expands its companies.