The users using the debit cards issued by the Bakkt cryptocurrency exchange can now use Google Pay for converting their cryptocurrency balances[...]
Bakkt Crypto Exchange’s Users can now use Google Pay to Convert Cryptocurrency Balances to Make Fiat Payments.
The users using the debit cards issued by the Bakkt cryptocurrency exchange can now use Google Pay for converting their cryptocurrency balances. Bakkt has said in an announcement recently that they have partnered with Google. Reports say that this partnership will enable the users of Bakkt to buy goods and services by using bitcoin (BTC) and other cryptos through the payment system and wallet of Google Pay.
Bakkt is also reportedly planning to use the tools of Google Cloud to create new analytics and geolocation functionality on its platform. These features that Bakkt is planning to build will help the Bakkt platform in expanding the loyalty redemption options. In addition, it will also help Bakkt to provide its “partners with valuable consumer behavior patterns.”
Bakkt CEO Gavin Michael said:
“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.”
As millions of retailers across the world accept Google Pay as a payment option, this partnership between Google and Bakkt will help the users of Bakkt to make payments in cryptocurrencies in a wide array of retailers including “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and many more.
The announcement of the Bakkt-Google partnership comes after the June announcement of Coinbase cryptocurrency exchange regarding their partnerships with both Google Pay and Apple Pay for crypto payment purposes with Coinbase Cards. In April 2021, the Gemini crypto exchange allowed its users to buy cryptocurrencies with the help of Google Pay and Apple Pay.
Bakkt was launched by the Intercontinental Exchange in 2018 to offer accredited investors to buy and sell bitcoin futures contracts. In March 2021, this platform released a payment application to allow users to utilize cryptocurrencies for buying. This was designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”