Bakkt Card lets clients use Bitcoin (BTC) for making online and in-store purchases, which should help with expanding the utility of cryptocurrency, according to a release.
Bakkt Holdings, LLC, the digital asset marketplace behind the Bakkt App, will be offering a fully virtual Bakkt Visa debit card which allows customers to use their Bitcoin and cash balances to buy everyday products and services online or in-store “wherever Apply Pay or Google Pay are accepted.” This includes hundreds of thousands of retailers, grocery stores, transit options and more, the announcement revealed.
Gavin Michael, CEO at Bakkt, remarked:
“As we continue Bakkt’s journey, our goal first and foremost is to offer more choice for consumers, and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives Imagine a bitcoin user who sees a significant gain.”
“Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing. Very soon selected rewards customers will have the same flexibility – leveraging their points to pay for a lunch out with friends or even an impulse purchase.”
Bakkt clients may apply for a Bakkt Card through the firm’s App. After they have been approved, customers may spend bitcoin and cash (USD) funds from their Bakkt App account “right away, without having to first convert their bitcoin or wait for a bank transfer from a separate Bitcoin wallet to their bank.”
The release also mentioned that after the “explosion” in popularity of virtual currencies, including bitcoin, many more consumers are now looking for ways to “leverage” their digital assets. Bakkt is enabling this real-world spending, “alongside the ability to invest in and hold bitcoin with no transaction fees,” the announcement noted.
As stated in the release, the Bakkt Visa Debit Card is “issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.”
You can download the Bakkt App by visiting the App Store and Google Play Store.
As previously reported, Bakkt aims to serve as “a trusted digital asset marketplace that enables institutions and consumers to buy, sell, store and spend digital assets.”
Bakkt’s retail platform, currently available via the company’s App, aims to “amplify consumer spending, reduces payment costs, and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem.”
Introduced back in 2018 by Intercontinental Exchange, Inc., Bakkt is based in Alpharetta.