Bakkt – the Bitcoin derivatives company is set to launch the first crypto-based consumer app and merchant portal in 2020, according to a report released by the firm on Monday (October 28, 2019).
According to the announcement, the company reiterated their plan to develop a trusted and efficient infrastructure for consumers, merchants, and institutions.
Bakkt chief product officer, Mike Blandina, stated:
“We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power.”
The official also added that Bakkt intends to test the first consumer app and merchant portal on Starbucks’ platform, which will be its first launch partner.
For Starbucks, the partnership is part of an ongoing collaboration with Bakkt. As reported earlier, Starbucks was expected to receive a generous equity deal as part of its collaboration with Bakkt.
Bakkt Is Building Trust in Digital Assets
Bakkt is committed to launching a platform that will unlock the value of digital assets through consumer payments. The company is planning to launch Bitcoin options in December and the consumer app will be a great addition to its platform.
Bakkt believes that billions of dollars are available in crypto assets across the world, delivered by consumers and merchants through cryptocurrencies, cashback and rewards, as well as other forms of digital value.
Bakkt has improved its model to support a collection of digital assets including cryptocurrencies in a seamless manner, just as it happens when investors trade in stocks through their retail brokerage accounts.
“Our goal is to provide a consumer platform for managing a digital asset portfolio, whether they wish to store, transact, trade or transfer their assets,” Bakkt stated in its blog.
The company aims to bridge the gap between digital assets and payments by creating digital asset infrastructure, marketplace access, maximizing control, and establishing trust.
Featured Image: Cryptocompare