Bakkt to introduce an App that will support payments via digital assets

Bakkt to introduce an App that will support payments via digital assets
Written by:
Michael Harris
28th October 2019
Updated: 11th March 2020
  • Bakkt to launch an app in first half of 2020 that lets the consumer pay merchants with digital assets.
  • The app will support multiple cryptocurrencies including Bitcoin.
  • Bakkt's app will enable storing, trading, transacting, or transferring digital assets.
  • Starbucks expected to be the first partner for Bakkt's app as a merchant.
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With the cryptocurrencies aiming to take over the world of e-Commerce, Bakkt has made an announcement this morning, Monday, October 28th, 2019, that it plans on introducing a state-of-the-art application that will be focused on helping the retail customers use cryptocurrencies for the purpose of making payments.

With the use of the application, Mike Blandina, chief product officer at Bakkt added, consumers would be able to use the cryptocurrencies as a mode of payment when they purchase their desired products from different merchants.

He further remarked that introducing such an app would enable the world to experience the true potential of digital assets. Not only would it make it easier for the consumer to make the transactions and keep a track of them, but will also open gates to a new set of customers for the merchants with wider spending power.

Bakkt’s New App Will Support More Than Just Bitcoin

Currently, Intercontinental Exchange (Bakkt’s parent company) is only compatible with Bitcoin. The recent announcement, however, has highlighted that the app can be expected to support multiple other cryptocurrencies as well. Bakkt is aiming to design a model that supports different digital assets and make transactions as convenient and efficient for the consumers as they are with a retail brokerage account in the stock market.

As per Mr. Blandina, the envisioned platforms will enable the consumers to not only make transactions using the digital assets, but they would also be able to store, trade, and even transfer the cryptocurrencies right from the application. In simpler words, the app is expected to be a one-stop-shop for all of the consumers’ cryptocurrencies’ related requirements.

Starbucks Expected To Be The First Merchant To Partner With Bakkt

Back in August of 2018 when Bakkt was initially launched by Intercontinental Exchange (ICE), it was highlighted that focusing on a better retail experience, a partnership with Starbucks is in the pipeline. To date, however, no further details were provided about the plan. Following the announcement of a consumer-focused app, officials from Bakkt have also declared that Starbucks is likely to be the first merchant that partners with Bakkt and supports payments via digital assets.

In a recent interview, Mr. Blandina spoke with passion and commented that better integration and efficiency for digital wallets that enable payments and transaction processing can revolutionize the world of commerce for consumers and merchants alike.

The anticipated date for the launch of Bakkt’s new app has been reported to lie somewhere in the first half of the upcoming year.

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