Crypto payments platform Bakkt announced on Monday that it will be shifting its focus solely to B2B technology solutions and discontinuing its consumer application.
Launched in March 2021, Bakkt’s consumer app provided a user-friendly platform that integrated various digital assets such as cryptocurrencies, loyalty points, and gift cards.
The company had partnered with more than 200 brands, including Starbucks, GolfNow, Finserv, and Best Buy, to offer the services. The app is set to be discontinued on March 16.
“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,” said the President and CEO of Bakkt, Gavin Michae, 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.”
The news comes after Bakkt’s latest agreement to acquire Apex Crypto, a crypto trading platform, from Apex Fintech Solutions for $200 million in November last year. The deal is expected to go through by the end of the first half of this year, subject to regulatory approvals.
Bakkt had said that the acquisition would strengthen the company’s product offering by adding new client verticals, including trading app, fintech, and neo-banks.
According to Bakkt’s app documentation, the new web experience will differ from the consumer application in several ways. Although loyalty points will no longer be visible, Bakkt has reassured users that they can still be redeemed by accessing the loyalty program app or website.
Bakkt’s Visa-branded debit cards will also be deactivated on March 16, 2023. However, the company will continue to post updates for current consumer app users.