Bakkt Holdings Inc. announced Monday that it will solely focus on business-to-business technology solutions and discontinue its consumer application. The company stated that the app will officially be discontinued on March 16, 2023, and app users will continue to have access to all of their assets.
Bakkt Consumer App to Sunset, Loyalty Points Still Accessible Through Other Channels
Following Bakkt’s pending acquisition of Apex Crypto from Apex Fintech Solutions, the company has announced it is discontinuing its consumer business venture. Bakkt’s consumer platform will shift its focus to provide businesses with crypto and loyalty experiences for their customers through software-as-a-service and application programming interface solutions on a secure and compliant platform. The crypto company refers to this focus as its “business-to-business-to-consumer” strategy.
“As we continue to gain traction with our B2B2C strategy, we are laser-focused on providing our partners and clients with seamless solutions that best serve their needs,” Gavin Michael, president and CEO of Bakkt said in a statement. “The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers. With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly.”
Bakkt stated Monday that the pending Apex Crypto acquisition aligns with its business-to-business-to-consumer focus. The company emphasized its commitment to “providing crypto products to a wide range of client industries.” It added that customers using the consumer app “will soon be able to access their cash and crypto from any device, both at home and on the go.” Bakkt’s Visa-branded debit cards will also be deactivated on March 16, 2023.
Bakkt’s app documentation explains that the new web experience will have several differences from the consumer application. Loyalty points will no longer be visible, but they are not lost as Bakkt assures that loyalty point rewards can “still be obtained by visiting the specific loyalty program’s app or website.” Bakkt also noted that there will be additional updates in the future for current consumer app users.
What do you think of Bakkt’s shift towards a business-to-business-to-consumer focus and the discontinuation of its consumer app? Share your thoughts in the comments below.