Bakkt sunsets retail app to focus on B2B solutions within crypto
“With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly.”
Bakkt Holdings has announced it will be sunsetting its consumer-facing app in order to further its focus on providing scalable B2B technology solutions, providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.
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.
Focus on core solutions that have product-market fit
Gavin Michael, President & CEO of Bakkt, said: “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. 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.
Bakkt acquired Apex Crypto to add staking, external transfers and NFTs
Bakkt reached a deal to acquire Apex Crypto for a maximum purchase price of $200 million: $55 million in cash at the closing of the deal, following by up to $45 million in Bakkt stock depending on the performance of Apex Crypto in Q4 2022, and up to an additional $100 million in Bakkt stock and seller notes depending on its performance through 2025.
The deal between Bakkt and Apex Fintech Solutions includes a commercial agreement that memorializes the continued relationship and provision of Bakkt crypto solutions to Apex’s 220+ clients. Apex Fintech Solutions will have the opportunity to bring Bakkt’s leading platform solutions to its clients.
The transaction is expected to deliver revenue diversification and synergies to Bakkt as it scales its offerings and accelerates Apex Crypto’s product innovation and development, with complementary crypto solutions. The joint capabilities are expected to create faster speed to market for more advanced crypto products, including staking, external transfers and NFTs.