Bakkt is exiting the consumer business to focus on B2B as regulators act

Bakt is nixing its consumer app to focus on its business-to-business technology solutions.

Bakkt, which provides a platform for trading to tie into cryptocurrency, said it will continue to maintain its core focus on providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform.

The discontinuation of the app ensures that we support the relationship our partners and customers have with their customers, said CEO Gavin Michael. We focus our investment on our core solutions that fit the product market and can scale quickly.

The move comes as cryptocurrency prices have plummeted from their 2021 peak and regulators are cracking down on crypto companies.

The app will officially go down on March 16.

Last year, Bakkt agreed to buy Apex Crypto, an integrated crypto trading platform. Apex provides services to more than 30 signed fintech partners and serves more than five million customers.

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