Bakkt Announces Discontinuation of Consumer App as of March 16

• In March 2021, Bakkt launched as a Bitcoin-only product; Ethereum support was added later.
• On March 16th, there will be a final shutdown of the 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 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.”

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 a few of the more than 200 businesses that have associated with Bakkt.

Bakkt Debit Card No Longer Supported

This news comes after Bakkt agreed to purchase Apex Crypto from Apex Fintech Solutions in a $200 million transaction in November. Elliot said, despite the change, customers will still be able to see their cash and crypto balances, purchase and trade crypto, make withdrawals to a valid bank account, and obtain crypto transaction records for their tax reasons under Bakkt’s new service.

The firm has announced that as of March 16th, the Bakkt Visa debit card will no longer allow for new transactions, the purchase or management of gift cards, or the tracking of reward programmes or points.