August 12, 2022

Bakkt launches payments app as institutions compete for crypto assets

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Major financial institutions are expanding their cryptocurrency services, with Bakkt launching its digital asset payments application for the general public.

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

Bakkt’s app was trialed by 500,000 users invited to participate in its Early Access Program in late 2020. The firm is also conducting a $1 million giveaway to encourage people to download the platform.

Launched on March 30, the payments app allows users to manage Bitcoin and other digital assets, including loyalty points and vouchers, to make purchases. More than 75 major brands are offering discounted gift cards to purchasers who use the Bakkt app, including Choice Hotels, GolfNow, and Best Buy.

Users can also manage their Starbucks Card balance through the platform. Karl Hebert Starbucks’ VP of global card, commerce, and payment, said:

“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 paymentTitle: Bakkt launches payments app as institutions compete for crypto assets
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Published Date: Thu, 01 Apr 2021 02:39:26 +0100