Bakkt Holdings Inc. announced Monday that it will focus solely on business-to-business technology solutions and will discontinue its consumer application. The company stated that the app will be officially discontinued on March 16, 2023, and users of the app will continue to have access to all of their assets.
Bakkt Consumer app for Sunset, loyalty points still accessible through other channels
Following Bakkt’s pending acquisition of Apex Crypto from Apex Fintech Solutions, the firm has announced that it will discontinue its consumer trading venture. Bakkt’s consumer platform will shift its focus to providing 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 cryptocurrency company refers to this approach as its “business-to-business-to-consumer” strategy.
“As we continue to gain traction with our B2B2C strategy, we are sharply focused on providing our partners and customers with end-to-end solutions that best meet their needs,” Gavin Michael, Bakkt’s president and CEO, said in a statement. statement. “The discontinuation of the app ensures that we are supporting the relationship that our partners and customers have with their customers. With this move, we are focusing our investment on our core solutions that fit the product market and are positioned to scale rapidly.”
Bakkt stated on Monday that the pending acquisition of Apex Crypto aligns with its business-to-business-to-consumer approach. The company emphasized its commitment to “provide crypto products to a wide range of customer industries.” He added that customers using the consumer app “will soon be able to access their cash and cryptocurrency 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 app documentation explains that the new web experience will have several differences from the consumer app. Loyalty points will no longer be visible, but they are not lost, as Bakkt claims that loyalty point rewards “can still be earned 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 to a business-to-business-to-consumer approach and the discontinuation of its consumer app? Share your thoughts in the comments below.
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