Bakkt to sunset consumer-facing app to focus on scaling up B2B business

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 .