Bakkt Launches Its Bitcoin Payments App

Key Takeaways

  • Bakkt is opening its payments app to the general public.
  • The firm intends to unlock $1.2 trillion of digital assets, including Bitcoin and points from more than 75 brands.
  • Bakkt is also giving away $1 million as a promotional offer.

Bakkt has launched its official payments app, allowing users to buy, sell, and spend Bitcoin and other digital assets.

Bakkt App Available to All

Though Bakkt ran an Early Access Program last year, this is the first time that its app is available to general users.

The app allows users to manage Bitcoin as well as other digital assets like store reward points and cash balances. Users can also purchase discounted gift cards from more than 75 brands.

This is the second major product from Bakkt, which also operates a futures trading platform and a custodial solution for institutional investors. The app, however, is aimed at retail users.

Bakkt says that it aims to help users “unlock the value of $1.2 trillion in digital assets” that are currently in circulation.

Brand Partnerships and Incentives

Bakkt is launching the app in partnership with several major brands. With Best Buy, Choice Hotels, Fiserve, and GolfNow, it is offering special deals and ways to manage reward points.

Bakkt has also attracted attention for its attempts to help Starbucks accept Bitcoin. The state of that partnership is still unclear; however, the app will allow users to manage their Starbucks Card balance, according to Bakkt’s latest press release on the launch of its app.

In order to encourage users to download the app, Bakkt is also giving away $1 million as a promotional offer.

The news comes just days after news that PayPal is allowing users to spend Bitcoin through its app. Visa and Mastercard have also reported plans to offer crypto spending features.

At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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