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Bakkt to Enhance Focus on Scalable Business-to-Business-to-Consumer Solutions and Sunset Consumer App
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Bakkt Holdings, Inc. (NYSE: BKKT) is transitioning away from its consumer app to focus on B2B technology solutions. This strategic shift allows Bakkt to concentrate on delivering crypto and loyalty services to business partners through scalable SaaS and API platforms. Users will maintain access to their crypto and cash via a new web experience following the app's discontinuation on March 16, 2023. Additionally, Bakkt's acquisition of Apex Crypto, announced in November 2022, will enhance its B2B2C strategy and expand service offerings across various fintech partnerships, benefiting over 5 million customers.
Positive
Focus on scalable B2B technology solutions through SaaS and API.
Acquisition of Apex Crypto, broadening service reach to over 30 fintech partners.
Negative
Discontinuation of consumer app may alienate existing individual users.
App users to retain access to their crypto and cash via a new web experience
ALPHARETTA, Ga.--(BUSINESS WIRE)--
Bakkt Holdings, Inc. (NYSE: BKKT) announced today 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.
“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,” said Gavin Michael, President & CEO of Bakkt. “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. Further details on what this means for app users, can be found here.
About Bakkt (R)
Founded in 2018, Bakkt builds technology that connects commerce. Our vision is to connect the digital economy by offering a platform for cryptocurrency, loyalty, and commerce. We enable our 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. For more information, visit: https://www.bakkt.com/ | Twitter@Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.
