Bakkt to Discontinue Personal Applications and Focus on B2B Solutions
On February 13, the digital asset platform Bakkt announced that its personal applications will be discontinued on March 16. In the future, it will focus on its…
On February 13, the digital asset platformannounced that its personal applications will be discontinued on March 16. In the future, it will focus on its B2B technology solutions, that is, providing cryptocurrency and loyalty solutions for enterprise customers through SaaS and API solutions on the security and compliance platform. Current Bakkt App users will retain access to all cryptocurrencies and cash on the Bakkt platform. Users will still be able to view cryptocurrency balances and access cryptocurrency transaction reports for tax purposes.
Bakkt’s personal app will be out of service on March 16
Analysis based on this information:
Bakkt, a digital asset platform, recently announced that it will discontinue its personal applications on March 16 to concentrate on its B2B technology solutions. In the future, the company plans to provide cryptocurrency and loyalty solutions for enterprise customers through SaaS and API solutions on the security and compliance platform.
The move comes as a surprise to some because the Bakkt App was initially developed to allow retail investors to buy, sell, and store digital assets as well as pay for goods and services with cryptocurrencies. The Bakkt App’s user-friendly interface had made it one of the most popular platforms in the crypto industry.
Bakkt, however, has decided to focus on providing cryptocurrency and loyalty solutions to enterprise customers. The company intends to build enterprise-scale digital asset infrastructure, including regulated exchange, storage, and other services, to enable institutional investors to participate in the crypto market.
The new direction for Bakkt is in line with the growing interest of institutions in cryptocurrencies, which has been fuelled by the increasing acceptance of digital assets as a legitimate asset class. More companies, investors, and traders are looking for reliable and compliant means of investing in digital assets.
Current Bakkt App users will still be able to view their cryptocurrency balances and access transaction reports for tax purposes. Users will also have access to all cryptocurrencies and cash on the Bakkt platform.
Furthermore, Bakkt’s decision to focus on B2B technology solutions aligns with the current trend of companies preferring to partner with trusted providers for their technology needs. The new direction would allow clients to enjoy secure and compliant access to digital assets through Bakkt’s SaaS and API solutions.
In conclusion, Bakkt’s decision to discontinue its personal applications and focus on B2B technology solutions is a strategic move that aligns with the increasing demand for compliant and secure access to digital assets. The company aims to leverage its security and compliance platform to offer enterprise-scale digital asset solutions to institutional investors.
Key Takeaway: Bakkt pivots to enterprise-scale digital asset infrastructure for institutional investors as institutions demand for regulated and secured access to digital assets increases.
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