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Bakkt Holdings (NYSE:BKKT) said Monday it will close down its consumer-facing app to focus on providing scalable business-to-business technology products and services. BKKT stock gained 2.0% in Monday premarket trading.
The company will continue its core focus of providing businesses with crypto and loyalty experiences for their customers through SaaS (service-as-a-subscription) and API solutions on a secure and compliant platform.
"The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers," said Bakkt (BKKT) President and CEO Gavin Michael. "With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly."
Current Bakkt (BKKT) App users will still have access to all their crypto and cash on the Bakkt platform through a new web interface that is accessible from all devices, the company said. The app will officially sunset on March 16, 2023.
In November, Bakkt (BKKT) agreed to acquire Apex Crypto from Apex Fintech Solutions for up to $200M. The pending deal support's Bakkt's B2B2C approach and strategy to bring crypto products to a broad universe of client verticals, the company said.
Bakkt (BKKT), a digital marketplace launched in 2018 by Intercontinental Exchange (ICE) and a group of investors, became a separate publicly traded company in 2021 through its merger with a Victory Park Capital SPAC.