NYSE owner-backed exchange Bakkt has long been trumpeted as a future catalyst for crypto adoption on Wall Street. The firm offers highly regulated physically-settled BTC contracts.
Bakkt just yanked the lid off its fierce crypto ambitions. The firm today announced a new partnership with Google that will introduce crypto assets to millions of users — and it’s music to the ears of crypto enthusiasts.
Bakkt Customers Can Now Spend Bitcoin Via Google Pay
According to a press release published on October 8, Bakkt has forged a strategic partnership with Google. As part of the collaboration, Bakkt’s virtual visa debit card is now available for use on Google Pay in-store and online. Google Pay is an application on Android smartphones that enables contactless payments.
The card debuted in June and allows customers to buy goods and services with Bitcoin or cash from their Bakkt accounts. Bakkt indicated that crypto balances will be converted to fiat currency to facilitate transactions with merchants.
Bakkt will also use Google Cloud’s tools to develop a new analytics platform with geolocation functionality, machine learning, and artificial intelligence.
In the release, Bakkt boss Gavin Michael says the Google partnership is evidence of the firm’s strong standing in the cryptocurrency ecosystem.
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, securable, reliable manner. Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Avenue for Mass Adoption
As aforementioned, Bakkt has been at the forefront of crypto adoption. Prior to the visa debit card, Bakkt announced the launch of a digital asset payments app that lets customers use BTC and other cryptocurrencies for purchases. The Alpharetta-based company also linked up with Starbucks back in 2019 to allow people to purchase coffee with the leading cryptocurrency.
Additionally, the firm is preparing to go public on the New York Stock Exchange this month via a merger with a special purpose acquisition company VPC Impact Acquisition Holdings. The value of the combined company is estimated to be around $2.1 billion.
The listing on the stock market will likely provide Bakkt, which also operates a futures/options trading platform and an institutional-grade custodial solution, with the necessary capital to grow and offer more opportunities for users to unlock trillions of dollars sitting across a myriad of cryptocurrencies.
With Google’s help, Bakkt is set to expose crypto assets to millions of people at a time.