Through the partnership, Bakkt Visa cardholders will be able to pay with cryptocurrencies for goods and services
Bakkt, one of the fastest-growing platforms for storing and trading cryptocurrencies, has partnered with technology giant Google in an agreement that will enable millions of consumers to pay using digital assets.
According to the platform, the partnership with Google aims to meet consumer demand for cryptocurrency payments—such as Bitcoin—potentially broadening the adoption and everyday use of digital assets worldwide.
As a result of this collaboration, Bakkt users can now link their cryptocurrency-backed Visa debit cards to Google Pay, allowing them to seamlessly use their crypto holdings to pay for goods and services wherever Google Pay is accepted.
Support for cryptocurrency users
Gavin Michael, CEO of Bakkt, said the partnership with Google underscores the growing strength of the digital assets market and reinforces the utility and empowerment of cryptocurrency holders.
“This partnership is a testament to Bakkt’s strong position in the digital asset market, enabling consumers to use digital assets in real time in a secure and reliable way,” he noted.
Bakkt also selected Google Cloud as its cloud provider, leveraging Google Cloud technology to extend services to retailers and merchants across the U.S.
Backed by Intercontinental Exchange (ICE), Bakkt is also exploring advanced analytics powered by artificial intelligence (AI) and machine learning (ML) to better serve businesses and consumers.
New features and expanded functionality are intended to enhance Bakkt’s loyalty program for customers while providing business partners with actionable insights drawn from a pool of valuable consumer behavior patterns.
“Working with Google Cloud enables us to continue building a best-in-class, innovative platform that can scale to meet the needs of millions of users,” Gavin Michael added.
Bakkt launched in 2018 and raised $300 million in a Series B funding round in May 2020 as it expanded its retail-focused services. The platform introduced BTC futures contracts in December 2020.
According to the press release, Bakkt users will be able to access the new payment capabilities online and at any merchant that accepts Google Pay.