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Two years after launching its app, Bakkt has said it will no longer be available as of the 16th of March, 2023.
IT service management company Bakkt (NYSE: BKKT) is terminating its consumer-facing app as it shifts its focus to business-to-business (B2B) technology solutions. Announcing the end of the app, Bakkt emphasizes its continued efforts to offer crypto and loyalty experiences to businesses. The company said it would provide the services through SaaS and API solutions.
Bakkt unveiled its digital wallet app in 2021, making it available to specific merchants like Starbucks. At the time, the company said the digital wallet users could use Bitcoin as payment and convert participating rewards points to cash. Ahead of its launch, more than 500,000 users participated in the invitation-only Early Access Program as new features were added to the app and tested. Bakkt rolled out the app to both iOS and Android users on the App Store and Google Play Store. Before its eventual launch, the company announced the app in October 2019 with plans to make it available within the first half of 2020.
Bakkt Announces App Sunset After Two Years of Launch
Two years after launching its app, Bakkt has said it will no longer be available as of the 16th of March, 2023. The company’s President and CEO, Gavin Michael, noted:
“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.”
The discontinuation of the Bakkt app does not mean that customers will no longer have access to their assets. While they will no longer be able to reach their crypto and cash via the app, there is a provision for access via a new web experience. According to the IT service company, the web is suitable for all devices, and users can view their crypto balances with the new service. Customers will also be able to access crypto transaction reports for tax uses.
Assuring customers that their assets remain secure even without the app, Bakkt noted some required actions before the official sunset. Users are to save all their gift card details for reference, as access to gift cards will no longer be available. Also, customers may need to link a bank account to their Bakkt to withdraw funds on the web if they only have debit cards connected to their accounts. Other services that will not be available on the new Bakkt web experience including viewing transaction history, linking loyalty programs and track points, and more. More importantly, only selected banks are supported in the newly introduced web experience.