Bakkt Set to Release Consumer App in First Half of 2020

Wilfred Michael 

Wilfred Michael

News reporter

28 October 2019,
15:17
Bakkt Set to Release Consumer App in First Half of 2020

Fresh from setting a record of 1179 Bitcoin futures contracts (appr. $11 million) traded on Friday amid a crypto market resurgence, crypto startup Bakkt revealed today that it would launch a consumer app next year.

In a blog post published Monday, Bakkt chief product officer, Mike Blandina confirmed that the company “will be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them.”

He expressed a conviction that merchants could gain access to a broader set of customers with expanded spending power to be unlocked by the Bakkt consumer app, which promises to make it possible for investors to seamlessly transact digital assets in the same way they do with stocks in a retail brokerage account.

It is with that goal in mind that the Bakkt consumer app and merchant portal is reportedly set to go live for testing within the first half of next year, with the first testing partner being coffee company, Starbucks.

Blandina also wrote in the update,

I have strong conviction that by driving more integration and efficiency across digital wallets, transaction processing, and payment acceptance, there are meaningful opportunities for merchants and consumers to seamlessly interact using digital assets in ways that have not been previously considered.

Bakkt’s promise to unlock retail payments understandably is another step in the startup’s growing dominance and popularity within the crypto community since the Intercontinental Exchange (ICE) project was announced in 2018.

Stmarket.co reported in August that Bakkt obtained regulatory approval from the New York State Department of Financial Services (NYDFS) to launch its Bitcoin futures products, which opens to way for more institutional investors to venture into the crypto market.

 

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