Bakkt, a bitcoin futures platform, launched its long-awaited digital wallet app listing companies like Starbucks and Best Buy amongst its merchant partners. The Bakkt app is a digital wallet that brings Bitcoin and other cryptos on its platform. With the Bakkt app, traders on the platform would be able to put their assets to use in whatever way they feel like. This can either be converting participating reward cash into cash and using Bitcoin as their preferred payment option.
The app is an innovative tool that allows its consumers to access the total value of over $1.2 trillion of digital assets being held in varieties of digital assets, gift cards and rewards points. The Bakkt app was designed to reduce payment costs, help with the way users spend and help merchants on the app during loyalty rewards season. The app’s release comes after the app was able to draw over 500,000 users to participate in numerous tests in its invitation-only Early Access Program. Upon the launch, the app will be available for download on leading smartphone stores, including Google Play Store and App Store.
Bakkt finally releases its mobile app
Bakkt launches the app with brand and industry leaders, including Starbucks, Best Buy, GolfNow, Fiserv, and Choice Hotels. The app was first announced in October 2019 with plans of launching in the first half of 2020. The COVID-19 pandemic messed with the timeline, which saw the app launching on the 30th of March, 2021.
On the launching, Bakkt’s recently appointed CEO, Gavin Michael, says since their customer base holds a degree of various digital assets, they are rolling out the app to be able to cater for their needs. He points out that the Bakkt app is like a step to a journey and they are hoping that in the nearest future, they would be able to conquer the crypto space.
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Bakkt is in partnership with marquee brands, and what this means is that the companies will collaborate exclusively with Bakkt to provide their services to customers. Starbucks customers can now make payment via Bakkt. Bakkt can be used to reload the Starbucks card via the Starbucks app for iOS. The partnership means a lot for Starbucks as it introduces experience and payment choice for Starbucks customers.
Starbucks happy to partner with Bakkt
Karl Hebert, Starbucks VP of global card, commerce, and payment, expressed how proud Starbuck is to be a partner to Bakkt. The other partnerships, for example, with Best Buy, means that the company will avail its users various mouthwatering deals provided they use their Bakkt Visa Card. Via its partnership with Choice Hotels, Bakkt will enable Choice Privilege, which allows Bakkt users to get exclusive offers via the app. Users of the Bakkt app can also take advantage of the uChoose rewards point, converting it to cash whenever they want.
Bakkt is a digital assets custody service launched in 2018 by Intercontinental Exchange, Inc. (ICE) and a marquee group of investors through strategic partnership. It allows accredited and institutional investors to receive bitcoin exposure via its regulated platform. After the launch in 2018, the company released several updates regarding the launch of deliverable futures trading, but the project and the company’s other operations were delayed due to the lack of CFTC approval. Operations however resumed, and the company gained investors and eventually launched its app on 2021.