U.S. Bakkt changes its business policy to end the provision of cryptocurrency-related apps

Termination of provision of virtual currency-related applications

Bakkt, a crypto asset (virtual currency) company under the Intercontinental Exchange (ICE) in the United States, announced on the 13th that it will end the provision of consumer apps on the 16th of next month.

He explained that the reason for terminating the app service is to specialize in providing business-to-business (B2B) solutions in the future. Meanwhile, app users will continue to be able to check their cryptocurrency balances and transaction reports via the website from all devices.

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The company’s consumer app will officially launch in March 2021. In addition to virtual currency, you can use a wide range of digital assets such as travel miles, reward points, and loyalty. It has also collaborated with Starbucks, a major coffee chain, and attracted a lot of attention.

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In this announcement, Bakkt explained that it will continue to specialize in businesses related to the customer experience of cryptocurrencies and loyalty. However, rather than continuing to develop consumer apps, it will do so by investing in solutions that fit the product market and scale quickly.

CEO Gavin Michael said:

To Acquire Cryptocurrency Company

In November last year, Bakkt announced a policy to acquire cryptocurrency-related company Apex Crypto for up to 30 billion yen. Apex Crypto is a fintech company that provides a wide range of services such as cryptocurrency trading, custody, clearing and tax reporting.

connection: US Bakkt to acquire virtual currency company for up to 30 billion yen

This announcement also mentions the acquisition at this time. The acquisition process is still ongoing, but Bakkt said that being able to acquire Apex Crypto would advance its approach and strategy of “bringing cryptocurrencies to a wider range of clients.”

Apex Crypto has signed service agreements with over 30 fintech partners to serve over 5 million customers. After the acquisition, it explained in November last year that it would consider staking, NFT (non-fungible token) handling, and overseas remittance business.

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