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Bakkt Launches Payments App as Institutions Compete for Crypto Assets

  • Posted On - 2021-04-01 06:39:39

Major financial institutions are enlarging their cryptocurrency services, with Bakkt launching its digital asset payments application for the people.

In 2018,  Intercontinental Exchange launched The Bakkt, with the firm offering Bitcoin futures contracts to accredited investors exclusively. The Bakkt Application is first retail-facing crypto initiative of the firm’s

In 2020, Five hundred thousand users invited to participate in its Early Access program also Bakkt’s application was trialed by them. Bakkt is also conducting a giveaway of $1 M to inspire the public to install the application.

On launch time 30th March , The Bakkt app allows users to manage Bitcoins and other alt coins , including vouchers, and loyalty points to make purchases. More than seventy five major brands like Choice Hotels, GolfNow  and Best Buy are offering discounted gift cards on purchasers who use this platform.

People can also manage their Starbucks Card balance through the Bakkt App. Karl Hebert Starbucks’ VP of global card , told:

“Starbucks is proud to be an innovation partner with Bakkt. Our teams worked closely together as Bakkt sought input in developing a unique and trusted payment experience that enables customers to unlock the value of their digital assets in the form of US dollars.”

“We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all,” he added.

In the announcement, Bakkt stated the app is intended to enable “consumers and merchants to unlock the value of $1.2 trillion in digital assets” by incentivizing their use in commerce: “The Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs."

The Bakkt app  appears to have first been conceived as a partnership between Bakkt and Stabucks in 2019, with Bakkt determining it would release the platform as a standalone app the following year.

The Bakkt’s launch comes as competition between financial institutions is heating up in the digital asset area, with PayPal rolling out crypto payments for twenty nine million operators and Visa disclose plans for USDC to be exchanged across its credit card network earlier this week.

Vice president of global card is also moving to enlarge its cryptocurrency services, with a leaked memo revealing the creation of a Crypto Assets Group within its private wealth management section. The group will be tasked with advising users on crypto assets and developing crypto investment products.