Bakkt will officially close down its consumer-facing app on March 16th.
Bakkt, an American technology platform dedicated to managing digital assets, has revealed plans to shift its focus to business-to-business technology solutions and, thus, to close down its consumer-facing app.
According to the press release shared on February 13th, the company will officially sunset its Bakkt App on March 16th.
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In the press release, Bakkt informed that after closing down the app, users will be able to access their cash and crypto on the Bakkt platform “via a new web experience that is accessible from all devices.” At the time of writing, it is unclear when the “new web experience” will be launched.
On top of that, the firm reassured its users that they will be able to view their crypto balances or crypto transaction reports, which may be necessary for tax purposes.
When talking about the move, Bakkt President and chief executive officer (CEO) Gavin Michael noted:
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.
Despite its plans to shift focus to providing business-to-business technology solutions, Bakkt noted that it will continue to deliver crypto and loyalty initiatives to its customers through “SaaS and API solutions on a secure and compliant platform.”
At the end of its press release, the company reminded that in November 2022, it entered into a definitive agreement to purchase a turnkey platform for integrated crypto trading, Apex Crypto. In November, Bakkt claimed that the move will “significantly bolster Bakkt’s cryptocurrency product offering and expand its footprint into additional client verticals.”
It is worth noting that recently, several crypto-related firms, including BTC exchange LocalBitcoins and DeFi platform Everlend, announced plans to shut down their services.
