Bakkt shifts focus to B2B technology solutions and plans to retire consumer app –
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 retired on March 16, 2023 and app users will continue to have access to all of their assets.
Bakkt Consumer App on Sunset, loyalty points still accessible through other channels
Following Apex Fintech Solutions’ upcoming acquisition of Apex Crypto by Bakkt, the company has announced that it will be ceasing its consumer business. Bakkt’s consumer platform will shift its focus to offer businesses 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 focused on providing our partners and customers with seamless solutions that best meet their needs,” said Gavin Michael, Bakkt’s president and CEO, in a statement. “The discontinuation of the app ensures that we support our partners’ and customers’ relationship with their customers. With this move, we are focusing our investments on our core solutions that are fit for the product market and rapidly scalable.”
Bakkt stated Monday that its upcoming acquisition of Apex Crypto aligns with its business-to-business-to-consumer focus. The company emphasized its commitment to “providing crypto products to a wide range of customer verticals.” It added that customers using the consumer app “will soon be able to access their cash and cryptocurrency access, both at home and on the go”. Bakkt Visa 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 app. Loyalty points will no longer be visible, but they will not be lost, as Bakkt assures that loyalty point rewards “can still be obtained by visiting the relevant loyalty program’s app or website”. Bakkt also noted that there will be more updates for current consumer app users in the future.
What do you think of Bakkt’s shift to a business-to-business-to-consumer focus and the discontinuation of its consumer app? Share your thoughts in the comments below.
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Source: Crypto News Deutsch
