Bakkt launches Bakkt App, a digital wallet to manage all forms of digital assets
By Pavithra R
Bakkt, a Financial service company, aimed to bring transparency and trust to digital assets has announced the launch of the Bakkt App,a digital wallet that brings together bitcoin and other forms of digital assets into a single platform.
Bakkt App gives consumers the power to use their digital assets how they prefer converting participating rewards points to cash or using bitcoin as payment.
By enabling consumers and merchants to unlock the value of the $1.2+ tn in digital assets currently held in cryptocurrencies, gift cards and loyalty and rewards points, the digital wallet is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.
“The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all,” said Bakkt’s CEO, Gavin Michael.
The new digital wallet saw over 500,000 users participate in its invitation-only Early Access Program, as new features were released and tested prior to its public debut. Now available to the public in the App Store and Google Play Store, the Bakkt App launches with industry and brand leaders including:
- Best Buy: Best Buy will provide exclusive deals to Bakkt users, which can be purchased using the Bakkt Visa Debit Card.
- Choice Hotels: Bakkt is working with Choice Hotels to enable utilization of Choice Privileges Rewards through the new digital wallet.
- Fiserv: Fiserv will allow account holders to convert their uChoose Rewards points to cash within the Bakkt App, which can then be used to buy gift cards, send to a friend, and use for other payments.
- GolfNow: Bakkt is the Presenting Sponsor of the GolfNow mobile app and the Official Payment Partner of GolfNow. The firm will have integrated solutions at checkout for GolfNow members to pay using their digital assets.
“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 are excited that customers now have the opportunity to use Bakkt to load their Starbucks Card in the Starbucks app and then use it to pay at Starbucks,” said Karl Hebert, Starbucks VP of global card, commerce and payment.
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. Core to it’s platform is tapping into ICE’s ability to create a secure and regulated market infrastructure for users to safely transact all forms of digital assets in one place, as opposed to separate siloed apps for individual types of assets.
IBSi Daily News Analysis
August 12, 2022
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