• Bakkt announced the discontinuation of its consumer app as of March 16th.
• The platform added Ethereum support in March 2021, and offered users to buy and trade cryptocurrency, acquire gift cards, and spend their coins in stores.
• The Bakkt Visa debit card will no longer allow for new transactions as of March 16th.
Bakkt Announces Discontinuation of Consumer App
Bakkt, a platform for managing digital assets, has announced it would discontinue its consumer app as of March 16th in favor of providing companies with crypto and loyalty experiences for their customers through SaaS and API solutions.
Features of the Bakkt Consumer App
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 Acquires Apex Crypto
This news comes after Bakkt agreed to purchase Apex Crypto from Apex Fintech Solutions in a $200 million transaction in November. Customers will still be able to see their cash and crypto balances, purchase and trade crypto make withdrawals to a valid bank account, or obtain crypto transaction records for tax reasons under Bakkt’s new service.
Discontinuation Of The Bakkt Debit Card
The firm has announced that as of March 16th ,the Bakk Visa debit card will no longer allow for new transactions such as purchasing or managementgift cards or tracking reward programmes or points .
Conclusion
Bakkts decision to discontinue its consumer app reflects its shift towards providing companies with SaaS & API solutions which allows them to interact directly with customers. Despite this change customers can still access all other features available on the consumer app prior shutdown on March 16th