Bakkt Discontinues Consumer App: Final Shutdown on March 16th

• Bakkt announces discontinuation of consumer app as of March 16th.
• Ethereum support was added later in March 2021.
• As of March 16th, the Bakkt Visa debit card will no longer allow for new transactions, purchase or management of gift cards, or tracking of reward programmes or points.

Bakkt’s Discontinuation of Consumer App

Bakkt has announced that it would discontinue its consumer app and interact directly with companies to provide them “with crypto and loyalty experiences for their customers through SaaS and API solutions.” On March 16th, there will be a final shutdown of the app. This is due to the fact that Bakkt believes that this approach ensures they are supporting the relationship their partners and clients have with their customers, rather than competing in any way.

Launching as Bitcoin-only Product

In March 2021, Bakkt launched as a Bitcoin-only product; Ethereum support was added later that year. The goal of the consumer app was to let users buy and trade cryptocurrency, acquire gift cards, and spend their coins in stores to accumulate incentives. Starbucks, Best Buy, Choice Hotels, Fiserv, and GolfNow are just a few of the more than 200 businesses that have associated with Bakkt.

Bakkt Debit Card No Longer Supported

This news comes after Bakkt agreed to purchase Apex Crypto from Apex Fintech Solutions in a $200 million transaction in November. Despite this change in approach from a consumer app standpoint customers will still be able to see their cash and crypto balances on the platform , purchase & trade crypto , make withdrawals to valid bank accounts & obtain crypto transaction records for tax reasons under Bakkts new service .

Discontinuing Support for Certain Services

As of March 16th , the Bakkt Visa debit card will no longer allow for new transactions , purchase or management of gift cards , or tracking of reward programmes or points .

Conclusion

Bakkts shift away from its consumer app may prove beneficial long term by providing better services directly through companies they partner with . It remains unclear how successful this method may be however it is clear that customers will not loose out on features entirely as certain features available prior remain available albeit through different methods .

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