The Bakkt app, which was designed to provide users with the ability to use their digital assets in various ways is expected to shut down on 16 March 2023. The app was originally launched in March 2021 and brought together different digital assets such as cryptocurrencies, gift cards, and loyalty points. Users of the Bakkt App will still be able to access their crypto and cash holdings via a new web-based platform that will be available on all devices. Users can still check their crypto balances and obtain transaction reports for tax purposes according to Bakkt representatives cited by cointelegraph.com.
Company officials cited by the same source talked about the discontinuation of the app and expressed their commitment to supporting the relationship their partners and clients have with their customers. They also revealed the company’s new focus on its core solutions that have product-market fit and have a potential for quick scaling.
In November 2022, Bakkt has signed an agreement to acquire the integrated turnkey crypto investing platform Apex Crypto for USD 200 million. The acquisition aims to expand Bakkt’s cryptocurrency product offering while supporting connections with additional client verticals such as fintechs, trading app platforms, and neo-banks.
According to seekingalpha.com, Apex Crypto was developed to meet the increasing needs of more than 30 fintech firms and their customers across a rapidly expanding sector. Apex Crypto offers its clients a solution for execution, clearing, custody, cost basis, and tax services in order to streamline the delivery of frictionless crypto investing in more than 30 tokens.
Transaction terms dictate that Bakkt will acquire Apex Crypto for a maximum purchase price of USD 200 million. When the deal closes, Bakkt will pay USD 55 million in cash and up to USD 45 million in Bakkt stock depending on how the acquired business meets its financial targets. Bakkt might also pay up to USD 100 million in stock and seller notes depending on Apex Crypto’s performance through 2025. The transaction is subject to required regulatory approvals and is expected to close in the first half of 2023.
According to cointelegraph.com, this upcoming acquisition will support Bakkt’s B2B2C (business-to-business-to-consumer) strategy, as well as its plans to bring crypto products to more customers.
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