Users who hold debit cards issued by cryptocurrency exchange Bakkt will be able to convert their crypto balances to make fiat payments using Google Pay.
In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”
“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,” said Bakkt CEO Gavin Michael.
According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership follows major crypto exchange Coinbase's June announcement that Apple Pay and Google Pay would offer support for its Coinbase Card. Gemini has allowed its users to purchase crypto with Apple Pay and Google Pay since April.
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Launched by the Intercontinental Exchange in 2018, Bakkt first offered BTC futures contracts exclusively to accredited investors. In March, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”