Bakkt believes its new crypto payments app can unlock $ 1 trillion worth of digital assets for trading.
The big financial institutions are measuring their cryptocurrency services in full swing, and Bakkt is launching its application for digital plus payments for the end public.
Bakkt was launched by the global exchange in 2018, with the company making Bitcoin futures contracts fully available to licensed investors. The Bakkt app is the company’s first retail crypto initiative.
Bakkt’s app has been tested by five hundred thousand users who were invited to participate in the Early Access program in late 2020. The company is also running a $ 1 million giveaway to encourage people to broadcast the platform.
Launched on March 30th, the payment app allows users to manage Bitcoin and various digital assets along with loyalty points and coupons to make purchases. Seventy-five major brands that buyers using the Bakkt app get along with alternative hotels, GolfNow and Best are getting discounted gift cards.
Users can also manage their Starbucks card balance through the platform. Karl Hebert Starbucks’ Vice President, World Map, Commerce and Payment said:
“Starbucks is proud to be an associate degree innovation partner of Bakkt. Our groups worked closely together as Bakkt wanted to help develop a novel and trustworthy payments skill that would enable customers to unlock the value of their digital assets in US dollars. “
“We are excited to bring the Bakkt app to the public as a step in our journey towards expanding Plus digital access to some or all of them.” he added.
In the announcement, Bakkt said that the device should “encourage consumers and merchants to unlock the value of $ 1.2 trillion in digital assets” by creating incentives for their use in retail: “The Bakkt app is supposed to Increase customer payouts, lower payment prices and strengthen loyalty programs for merchandisers. “
The payment platform appears to be originally planned as a partnership between Bakkt and Starbucks in 2019, with Bakkt being instrumental in that it could unlock the platform as a standalone app in the following year.
The app was launched because competition between financial institutions in the Crypto Plus sector is intensifying. PayPal launches crypto payments for 29 million merchants and Visa reveals plans to change the USDC on its MasterCard network.
Goldman Sachs is also making efforts to expand its cryptocurrency services. A leaked notice periodically reveals the creation of a Digital Assets Cluster in its non-public wealth management department. The cluster’s task is to advise buyers on digital assets and to develop crypto investment products.