On March 31, Bakkt, the digital asset marketplace founded in 2018, announced the launch of the Bakkt App. The digital wallet comes up with bitcoin and other digital assets.
As the press release states, ‘By enabling consumers and merchants to unlock the value of the $1.2+ trillion in digital assets currently held in cryptocurrencies, loyalty and rewards points, and gift cards, the Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.’
The announcement further details:
The potential our partnership presents is very compelling, creating an opportunity to make golf even more accessible by giving our customers the ability to convert crypto, gift cards and unused loyalty points into a round of golf.
In its invitation-only Early Access Program, the Bakkt App saw the participation of over 500,000 users. After the testing process, making the app publicly available, Bakkt App launches with industry and brand leaders including Starbucks, GolfNow, Best Buy, Choice Hotels, and Fiserv.
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.
The Bakkt App allows the consumers to use the digital assets the way they want, be it using the digital gold as payments, or converting the reward points to cash. All the facilities can be availed in one easy-to-use application.
Karl Hebert, Vice President, Global Digital Commerce at Starbucks 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 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.
As per the announcement Bakkt visions to ‘make all digital assets as liquid as any fiat currency.’ It further adds:
Whether they are miles from your most-traveled airline, loyalty points from the local grocery store, or your first bitcoin purchase, the Bakkt App enables you to aggregate all of these assets into a single digital wallet and unlock their value to send or spend. Bakkt believes you hold more value than you realize, and empowers you to track, spend, and send your digital assets however you want.