Bakkt to Launch Consumer-Facing App to Help Customers Transact with Crypto

Bakkt plans to introduce a consumer-facing app to assist retail clients in transacting with digital currencies, the firm revealed on October 28. 

In a blog entry, Mike Blandina, chief product officer, Mike Blandina, said that the organization was working on building an application to give buyers a chance to utilize cryptocurrencies when obtaining products from traders.

“We’ll 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. Merchants gain access to a broader set of customers with expanded spending power,” Blandina said.

He implied that the application might bolster more than only bitcoin, which is at present the main crypto Bakkt and its parent firm Intercontinental Exchange offer futures contracts for.

“A key feature of the model we’ve designed is to support a superset of digital assets, including cryptocurrencies as seamlessly as investors transact in stocks in a retail brokerage account,” he said. “Our vision is to provide a consumer platform for managing a digital asset portfolio, whether they wish to store, transact, trade or transfer their assets.”

When ICE initially revealed Bakkt in August last year, the organization said it was cooperating with Starbucks and different organizations to offer a retail experience, yet scarcely any subtleties of this part of the vision have been shared since. Monday’s statement said Starbucks will be Bakkt’s first launch partner when the application goes live at some point in the first half of 2020.

“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,” Blandina said, adding:

“It is often said that digital assets will be successful when consumers don’t have to think about the technology underlying them.”