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Digital Asset Platform Bakkt to Discontinue Consumer App After Two Years
Users will be able to manage their assets over the web after March 16.
Updated May 9, 2023, 4:08 a.m. Published Feb 13, 2023, 2:31 p.m.
Digital asset platform Bakkt (BKKT) is to discontinue its two-year-old consumer-facing app as its focus shifts toward business-to-business (B2B) tech services.
Consumers will be able to continue to managing assets over the web after the app officially closes on March 16, Bakkt said Monday.
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The app went live in March 2021 with the aim of integrating crypto holdings with other digital assets such as airline miles, gift cards and loyalty points. Partnerships with firms including Starbucks, Best Buy and Choice Hotels accompanied the app's launch.
The firm now intends to capitalize on its B2B proposition on the back of acquiring crypto trading infrastructure firm Apex Crypto in November. Apex Crypto assists other firms with execution, clearing, custody, cost basis and tax services.
The move illustrates how some crypto firms are moving away from consumer-facing products as regulators increasingly subject retail-based platforms to firmer scrutiny in the interest of consumer protection.
BKKT shares were up 2% at $1.53 in pre-market trading.
Read more: Fidelity Opens Waiting List for Retail Crypto Product
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