Bitcoin futures and payments firm Bakkt’s CEO says the company has plans to support multiple crypto assets alongside BTC.
In an interview in the Axios Re: Cap podcast, Gavin Michael describes the upcoming launch of the Bakkt app, with which people can easily pay for everyday items with digital assets.
“We are trying to provide an infrastructure that will supply the wallet of the future with electricity. We want the consumers who we see have far more value than they see in these digital assets. We just want to give them the opportunity to accelerate the transition to using digital assets in payment transactions. They can be some form of cryptocurrency or some other form.
And you can convert your hotel points into airline miles. You can use Bitcoin to pay for reward points. We’re really trying to empower customers with an app that is easy to navigate, has deep visibility, and allows merchants to grow their business by reaching new customers and doing so at a lower cost. “
Although the company is considering supporting multiple cryptocurrencies, Michael says he has no plans to support XRP.
“We entered the crypto room via Bitcoin and that was the first currency we made available. We have others who should come on board as part of product development. However, XRP is not available. “
Michael’s revelation that XRP will not be included in the Bakkt app comes weeks after the SEC filed a lawsuit alleging Ripple Labs of raising donations by selling XRP in an unregistered securities offering .
XRP is also missing from PayPal’s recent pivot towards crypto. PayPal is rolling out support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin purchases, but the company’s crypto partner, Paxos, said it is reaching out to the SEC to find out which assets should be supported.
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Featured image: Shutterstock / Sergey Nivens