The partnership will see users of the Bakkt Visa card pay with crypto for goods and services
Bakkt, one of the fastest-growing crypto custody and exchange marketplaces, is teaming up with tech giant Google in a deal that will see millions of consumers pay with crypto.
According to the platform, the partnership with Google seeks to satisfy consumer demand around paying with cryptocurrencies such as Bitcoin, potentially expanding digital asset adoption and use across the globe.
With this collaboration, Bakkt users can now link their crypto Visa Debit cards with Google Pay, allowing for seamless use of their crypto holdings to pay for goods and services.
Empowering crypto users
According to Bakkt CEO Gavin Michael, partnering with Google demonstrates the digital asset marketplace’s strong position in the industry, with the outcome being empowerment to crypto holders.
“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, secure, reliable manner,” he noted.
Bakkt has also settled on Google Cloud as its cloud solutions provider, targeting Google Cloud’s technology to market its products to major retailers and merchants in the US.
The Intercontinental Exchange (ICE)-backed platform also eyes new analytics, tapping into artificial intelligence (AI) and machine learning (ML) powered functionality to reach businesses and consumers.
The new features and functionality should see Bakkt customers benefit from an expanded loyalty redemption programme, with business partners benefiting from a pool of “valuable consumer behavior patterns”.
“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,” Gavin Michael added.
Bakkt launched in 2018 and raised $300 million in a Series B funding round in May 2020 as it sought to expand its services in the retail market. The platform’s BTC Futures contracts rolled out in December 2020.
Per the press release, Bakkt’s users can access the new services online and in stores that accept Google Pay.
