Bakkt Partners With Google To Use Cryptocurrencies For Trading

JAKARTA - Users holding debit cards issued by cryptocurrency exchange Bakkt, will be able to convert their crypto balances to make fiat payments using Google Pay.

In an announcement Friday, October 8, Bakkt said it had partnered with Google to allow its users to buy goods and services using Bitcoin (BTC) and other cryptocurrencies via the Google Pay wallet and payment system.

In addition, Bakkt plans to build new analytics and geolocation functions on its platform using Google Cloud tools. The exchange hopes that the feature 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 market, to empower consumers to enjoy their digital assets in real-time, securely and reliably,” 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 stores” and more.

The Bakkt partnership follows major crypto exchange Coinbase's June announcement that Apple Pay and Google Pay will offer support for its Coinbase Card. Gemini has been allowing its users to buy crypto with Apple Pay and Google Pay since April.

Launched by the Intercontinental Exchange in 2018, Bakkt was the first to offer BTC futures contracts exclusively to accredited investors. In March, the platform released a payment app that allows users to use crypto to make purchases, designed to “strengthen consumer spending, reduce payment fees, and improve merchant loyalty programs.”