Bakkt Holdings, Inc. (NYSE: BKKT) announced that it is “furthering its focus on providing scalable business-to-business technology solutions and will be sunsetting its consumer-facing app.”
Bakkt will “continue its core focus of providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.”
Gavin Michael, President & CEO of Bakkt, said:
“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. 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.”
In November 2022, Bakkt entered “into a definitive agreement to acquire Apex Crypto from Apex Fintech Solutions, Inc.”
Apex Crypto, a turnkey platform for integrated crypto trading, “provides services to more than 30 signed fintech partners, serving more than 5 million customers.”
The pending Apex Crypto acquisition “further affirms Bakkt’s B2B2C approach and go-forward strategy of bringing crypto products to a broad universe of client verticals.”
Current Bakkt App users will “retain access to all their crypto and cash on the Bakkt platform via a new web experience that is accessible from all devices.”
Users will still be able “to view crypto balances, access crypto transaction reports for tax purposes.” The app will officially “sunset on March 16. 2023.”
Founded in 2018, Bakkt builds technology that “connects commerce.”
Their vision is “to connect the digital economy by offering a platform for cryptocurrency, loyalty, and commerce.”
They enable their partners and clients “to deliver new opportunities to their customers through SaaS and API solutions that unlock crypto and drive loyalty, powering engagement and performance.”
Bakkt is “headquartered in Alpharetta, GA”