​A big pivot from B2C to B2B - what does it mean?

Bakkt is an app that quickly rose in popularity for being one of the few digital asset platforms that offered a user-friendly experience.

The idea behind the platform was to bring together various digital assets, from crypto, to loyalty points, and gift cards.

While it raised $482.5 million in venture funding, and even went public on the NYSE in September 2021, the company has just announced that they are making a big pivot.

They're moving their core business from a focus on consumers (B2C), to a focus on businesses (B2B).

Bakkt CEO, Gavin Michael, said the company is focusing its investment on its core solutions that have product-market fit and are positioned for rapid scaling.

Their new focus is to provide businesses with crypto and loyalty experiences for their customers through software as a service (SaaS) and API solutions.

Reading between the lines, here're a few takeaways:

Acquiring consumers to use your app is hard. Getting consumers to pay money for it is even harder.

Finding companies to use your product isn't easy by contrast, but if you can solve a real problem for them, they'll happily spend money on your solution.

If Bakkt can provide value for companies, onboarding more of them into the world of Web3 by offering an easy way for them to provide crypto and loyalty experiences, chances are that will trickle down into onboarding more consumers into Web3 as well.

(It's a win-win).

Here's hoping the pivot works out!