Today, Bakkt announced that it would be shutting down 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 has a more than two-thirds stake after Bakkt listed on the NYSE in 2021 through a merger with SPAC. In late September, ICE took a $1.1 billion charge following a major revaluation of its investment in Bakkt.

The refocus is consistent with Bakkt’s November 2022 acquisition of Apex Crypto, which allows fintechs and other businesses to offer crypto trading to consumers. Apex has 30 customers and the acquisition will cost up to $200 million.

In the early days of Bakkt, it made another major B2B acquisition with the purchase of Bridge 2 Solutions, a technology company that supports companies that offer loyalty schemes and employee incentives with 4,500 customers.

“As we continue to gain traction with our B2B2C strategy, we are sharply focused on providing our partners and customers with end-to-end solutions that best meet their needs. The discontinuation of the app ensures that we are supporting the relationship that our partners and customers have with their customers,” said Gavin Michael, President and CEO of Bakkt. “With this move, we are focusing our investment on our core solutions that fit the product market and are positioned to scale rapidly.”

One of Bakkt’s most significant gains was a deal with Mastercard in 2021 to allow Mastercard bank customers to offer cryptocurrency as rewards and reward points that can be redeemed for cryptocurrency. Most recently, Mastercard made a deal with Paxos for cryptocurrency trading.