• Bakkt, a digital asset platform, has announced that it will discontinue its consumer app on March 16th.
• This move is to allow the company to focus on providing crypto and loyalty experiences for their partners’ customers through SaaS and API solutions.
• The Bakkt Visa debit card will no longer allow new transactions, purchase or management of gift cards, or tracking of reward programmes or points as of March 16th.
Bakkt Announces Discontinuation of Consumer App
Bakkt, a platform for managing digital assets, has now stated it would discontinue its consumer app in favor of interacting directly with companies to provide them „with crypto and loyalty experiences for their customers through SaaS and API solutions.“ On March 16th, there will be a final shutdown of the app.
Bakkt’s Bitcoin-Only Product
In March 2021, Bakkt launched as a Bitcoin-only product; Ethereum support was added later that year. The goal of the consumer app was to let users buy and trade cryptocurrency, acquire gift cards, and spend their coins in stores to accumulate incentives. Starbucks, Best Buy, Choice Hotels, Fiserv, and GolfNow are just some of the more than 200 businesses associated with Bakkt.
Bakkt’s Chief Sales & Marketing Officer Mark Elliot stated: „We are sunsetting our consumer App because it is not core to our B2B2C approach. This approach ensures we are supporting the relationship our partners and clients have with their customers rather than competing in any way.“
Apex Crypto Acquisition
This news comes after Bakkt agreed to purchase Apex Crypto from Apex Fintech Solutions in a $200 million transaction in November. Despite the change customers will still be able to see cash and crypto balances purchase and trade crypto make withdrawals to a valid bank account obtain crypto transaction records for tax reasons under Bakkts new service.
Visa Debit Card No Longer Supported
The firm has announced that as of March 16th the Bakkt Visa debit card will no longer allow for new transactions purchase or management of gift cards or tracking of reward programmes or points