Bakkt introduces Bakkt Card, enables real-world spending of digital assets

By Pavithra R

Bakkt, the digital asset marketplace behind the Bakkt App, has announced expanding its offerings with a new fully virtual Bakkt Visa Debit Card (Bakkt Card). 

Following the explosion in popularity of cryptocurrencies, including bitcoin, this year, more people than ever are looking for ways to leverage their digital assets. Bakkt, through the launch, is enabling real-world spending, alongside the ability to invest in and hold bitcoin with no transaction fees.

The new Bakkt Card allows customers to use their bitcoin and cash balances to purchase everyday goods and services online or in-store wherever Apply Pay or Google Pay are accepted, which includes retailers, grocery stores, transit options and more.

“As we continue Bakkt’s journey, our goal first and foremost is to offer more choice for consumers, and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives. Imagine a bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing. Very soon selected rewards customers will have the same flexibility – leveraging their points to pay for a lunch out with friends or even an impulse purchase,” said Gavin Michael, Bakkt CEO.

Bakkt customers can apply for a Bakkt Card via the Bakkt App. Once approved, users can spend bitcoin and cash (USD) funds from their Bakkt App account without having to first convert their bitcoin or wait for a bank transfer from a separate Bitcoin wallet to their bank.

Launched in 2018, Bakkt is leading a new era of financial services innovation, focused on reimagining and unlocking the value of digital assets like rewards and loyalty points, gift cards, and cryptocurrency owned by Intercontinental Exchange (ICE). The company’s goal is to make all digital assets as liquid as any fiat currency. The Bakkt Visa Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.