The main takeaway:
- Bakkt’s partnership with Google includes integration with Google Pay and Google Cloud services
- Virtual Bakkt Card users will be able to add their cards to Google Pay and purchase goods and services online and in store at millions of merchants
- Bitcoin and other digital assets in Bakkt will be automatically converted into fiat currency until payment occurs
Friday I cried announce A partnership with Google, which will allow its users to spend Bitcoin and other digital assets anywhere Google Pay is accepted. Google Payments’ support for Bakkt credit cards will significantly increase Bakkt’s usability and bring millions of customers into crypto assets.
Google services to enhance the functionality of the Bakkt platform and significantly increase its reach
Bitcoin and other supported cryptocurrencies will be automatically converted into fiat currency whenever a payment is made using digital assets. To take advantage of the Google Pay integration, Bakkt users will have to add their Bakkt virtual cards as a payment method to Google Pay.
The partnership with the Silicon Valley search giant is not only limited to Google Pay, but also includes extensive integration with Google Cloud. Bakkt aims to use an extensive database of consumer behavior patterns powered by Google’s cloud infrastructure to provide its customers with “extended loyalty redemption options,” according to the official press release.
The financial services firm also plans to develop new analytics tools using “artificial intelligence (AI), machine learning (ML), and geolocation functionality,” to provide “location-aware business insights” for both regular users and Bakkt partners.
Bakkt CEO Gavin Michael is excited about the partnership and its potential to benefit millions of customers around the world:
“This partnership is a testament to Bakkt’s strong position in the digital asset market, enabling consumers to enjoy their digital assets in real time, in a secure and reliable manner. Additionally, partnering with Google Cloud will enable us to continue building an innovative best-in-class platform that can unparalleled Undoubtedly expanding its reach to meet the needs of millions of users.”
Google Cloud Head of North America, Kirsten Kliphouse, shares the sentiment, and stated that she is “proud to help Bakkt accelerate the availability and scale of their innovative solutions.”
Bakkt was founded in 2018 by Intercontinental Exchange (ICE), a Fortune 500 company that owns and operates 12 exchanges and 6 major clearinghouses, most notably the New York Stock Exchange (NYSE). Bakkt was initially just a digital asset custody service, but has since grown into a full-fledged payment platform with dedicated mobile app support, gift card support, cash payments, and digital currency payments.
Bakkt is following in the footsteps of Coinbase, which announced its support for Apple Pay and Google Pay earlier this year.
David is a cryptocurrency enthusiast and an expert in personal finance. He has authored several publications for different platforms. He loves to explore new things, and this is how he discovered blockchain in the first place.
