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.
connection: US Bakkt to list on the New York Stock Exchange next week
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.
connection: US Starbucks starts cooperation with Bitcoin-related applications ── With the birth of Bakkt digital wallet
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:
As our B2B2C strategy continues to gain traction, we will focus on providing solutions to our partners and clients.
By ending the provision of the app, we will be able to reliably support the relationship between partner companies and clients and consumers.
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.
What is staking
A system in which rewards can be obtained by depositing a certain amount of virtual currency for a certain period of time. By contributing to the operation of the blockchain, you can get rewards as compensation.
connection: “NFT as a national growth strategy” Interview with Liberal Democratic Party Digital Society Promotion Headquarters Masaaki Taira