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Digital Wallet Provider Bakkt Announces Shutdown of App, to Focus on B2B Services

Bakkt, a firm specializing in IT service management and traded on the New York Stock Exchange under the ticker symbol BKKT, has decided to discontinue its app directed toward end users.

Photo by Andrew Winkler / Unsplash

Bakkt, a firm specializing in IT service management and traded on the NYSE under the ticker symbol BKKT, has decided (1) to discontinue its app for retail customers.

Bakkt highlights its continuous efforts to bring crypto and loyalty experiences to companies as it announces that the app will be discontinued. The business indicated that it would deliver the services using SaaS and API technologies.

In 2021, Bakkt introduced (2) the app for its digital wallet and made it accessible to select businesses, including Starbucks. During that period, the business announced that users of the digital wallet would be able to accept Bitcoin payments and turn rewards points into cash.

More than 500,000 people participated in the Early Access Program, which was only available by invitation before the app's debut. During that time, additional features were introduced to the app and evaluated.

Bakkt distributed the software to iOS and Android users through the App Stores. The corporation announced the app in October 2019, before its final release, to make it accessible sometime during the first half of 2020.

Bakkt Discontinued Within Two Years

Bakkt has announced that its mobile application would be discontinued as of the 16th of March, 2023. Gavin Michael, President and Chief Executive Officer of the firm remarked:

"As we progress with our B2B2C approach, our primary objective is to provide our partners and customers with streamlined solutions tailored to meet their requirements most effectively.
The removal of the app guarantees that we are supporting our partners and clients' relationships with the customers of their respective businesses.
Because of this change, we will concentrate our investment efforts on our core products, which already have a good product-market fit and are set up to grow rapidly.

Although the Bakkt app will no longer be available, this does not imply that users will no longer have access to their stored assets.

Users will no longer have access to their crypto and cash via the app; however, there is a provision for access via a new online experience. The firm that provides IT services claim that consumers may check their crypto currency balances using the new service, and the site is compatible with all devices.

Customers will also get access to transaction data that may be used for tax purposes while using crypto currencies.

Bakkt reassured its clients that the safety of their assets would be unaffected if the app were no longer available. The company also detailed the steps to be taken before the formal sunset.

Users are advised to keep a record of all the information about their gift cards for future use since access to them may soon be discontinued.

If consumers have debit cards attached to their accounts, they may be required to link a bank account to their Bakkt to withdraw monies online from their accounts.

Other features, such as monitoring transaction history, linking reward programs, and keeping track of points, will not be accessible via the new Bakkt online interface. Moreover, the newly implemented online experience is only compatible with a limited number of banks currently operating.