Digital asset platform, Bakkt, announced Friday, 8 October that it has partnered with Google “to introduce digital assets to millions of consumers.” According to the announcement through the partnership with Google, consumers will benefit from expanded reach and access to digital assets.
Bakkt was launched in 2018 by Intercontinental Exchange Inc., the parent company of the New York Stock Exchange (NYSE). It enables institutions and consumers to buy, sell, store and spend digital assets, including crypto.
Bakkt explained how the new service works:
“Users will be able to add their virtual Bakkt Visa Debit Card into Google Pay to purchase everyday goods and services online, in-store, or wherever Google Pay is accepted.”
The company further clarified that cryptocurrencies, such as bitcoin will be converted to fiat currency when these payments take place.
Other cryptocurrency platforms have also added Google Pay, including Bitpay and the Nasdaq-listed crypto exchange Coinbase. The former added Google Pay for U.S. cardholders to spend cryptocurrencies in August while the latter enabled Coinbase Card users to pay via Apple Pay and Google Pay in June.
Bakkt & Google Cloud
Bakkt said that it has also selected Google Cloud as a preferred cloud provider. The company will market its solutions powered by Google Cloud to leading retailers and merchants in the U.S. Bakkt also plans to leverage Google Cloud’s tools to build new analytics along with artificial intelligence (AI), machine learning (ML), and geolocation functionality on its platform.
Gavin Michael, Bakkt CEO, said:
“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.”
Google Cloud President of North America, Kirsten Kliphouse, commented:
“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”
Source: Google Partners With Bakkt To Bring Crypto to "Millions of Consumers" – Fintechs.fi