Bakkt to Shift Focus to B2B Technology Solutions
Bakkt, a marketplace for digital assets, has made the announcement that it intends to move its primary focus to B2B technology solutions. The firm has announced that it would be discontinuing its consumer-facing app in the near future. This app was created to provide customers with the flexibility to make use of their digital assets in a variety of various ways. The mobile application, which was released in March 2021, provided users with an intuitive interface and centralized access to a variety of digital assets. These assets included cryptocurrency, loyalty points, and gift cards.
Existing users of the Bakkt app will still be able to access their cryptocurrency and fiat holdings via a new web-based platform that is compatible with all devices, despite the fact that Bakkt has discontinued the consumer-facing version of the app. Bakkt states that customers are able to continue checking their cryptocurrency holdings and obtaining transaction records for help in tax preparation. It is anticipated that the app will no longer be available after March 16th.
Bakkt President and Chief Executive Officer Gavin Michael emphasized the company's commitment to providing the best solutions to their partners and clients by saying, "The discontinuation of the app ensures that we are supporting the relationship our partners and clients have with their customers." Michael made this statement in response to a question regarding the company's dedication to providing the best solutions to their partners and clients. He went on to say that the firm is concentrating its resources on developing its core products to the point where they have achieved product-market fit and are prepared for fast expansion.
Bakkt's mission is to continue supplying companies with crypto and loyalty experiences for their consumers by means of SaaS and API solutions hosted on a platform that is both safe and compliant.
It is anticipated that the incorporation of Apex Crypto into Bakkt's operations would result in an improvement of the cryptocurrency company's products and the company's ability to communicate with a larger number of people through fintech companies, trading platforms, and neo-banks. This agreement intends to accelerate the development and innovation of crypto goods like as staking, transfers, and NFTs, which will eventually result in an increase in income and diversification for Bakkt as it increases its service offerings.