Today Bakkt announced it would shutter its consumer facing cryptocurrency and rewards app after two years. It plans to focus on its business-to-business digital asset solutions that enable other organizations to offer consumer-facing crypto offerings.
Bakkt was founded by NYSE owner ICE in 2018, which still holds a stake of more than two thirds after Bakkt was listed on the NYSE in 2021 through a SPAC merger. At the end of September, ICE took a $1.1 billion charge after a significant revaluation of its Bakkt investment.
The refocus is consistent with Bakkt’s November 2022 acquisition of Apex Crypto, which enables fintechs and other corporates to offer crypto trading to consumers. Apex has 30 customers, and the acquisition will cost up to $200 million.
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