Bakkt Digital Asset Platform announced plans to shift its focus to B2B technology solutions. The company said it will soon shut down its consumer-facing app, which was designed to give users the ability to use their digital assets in a variety of ways. The app, launched in March 2021, offers a user-friendly interface that integrates various digital assets, including cryptocurrencies, loyalty points, and gift cards.
Despite the discontinuation of consumer app support, current users of the Bakkt app will still be able to access their cryptocurrencies and funds through a new web platform available on all devices. According to Bakkt, users can still check their cryptocurrency balances and receive transaction reports for tax purposes. The app is expected to end on March 16, 2023.
Gavin Michael, President and CEO of Bakkt, highlighted the company’s commitment to delivering the best solutions to its partners and customers, saying, “The discontinuation of the app ensures that we maintain our partners’ and customers’ relationships with their customers.” He added that the company is focusing its investments on its core solutions, which are suitable for the market and ready for rapid scaling.
Bakkt is committed to continuing to provide its customers with cryptocurrency and loyalty services through SaaS and API solutions on a secure and interoperable platform.
History and evolution of the fintech industry
In November 2022, Cryptooshala reported that Bakkt had agreed to acquire Apex Crypto for $200 million. Apex Crypto is a turnkey integrated cryptocurrency trading platform serving over 5 million customers through over 30 fintech partners. The upcoming acquisition further strengthens Bakkt’s B2B2C strategy and its goal of bringing crypto products to a wider customer base.
The integration of Apex Crypto into Bakkt’s operations is expected to enhance the cryptocurrency firm’s offerings and reach a wider audience across fintech firms, trading platforms, and neobanks. This collaboration aims to develop and innovate crypto products such as staking, transfers and NFTs, which will ultimately lead to more revenue and diversity for Bakkt as it expands its services.
Credit : cointelegraph.com
