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Digital asset platform, Bakkt, announced on Friday that it has teamed up with Google “to introduce digital assets to millions of consumers.” With their new partner, Bakkt says consumers will benefit from the “expanded reach and access” to cryptocurrencies.
Bakkt was launched in 2018 by Intercontinental Exchange Inc., the parent company of the New York Stock Exchange (NYSE). The platform enables institutions and consumers to buy, sell, store and spend digital assets, including cryptocurrencies.
Bakkt said that “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.” It clarified that for payments to be made, the cryptocurrency, such as bitcoin, will first be converted to fiat currency.
Bakkt is not the first crypto platform to have added Google Pay. Bitpay and Nasdaq-listed crypto exchange Coinbase have gone before. The former included Google Pay for U.S. cardholders in August while Coinbase already enabled Coinbase Card users to pay via Google Pay and Apple Pay in June.
Bakkt added that it has selected Google Cloud as their preferred cloud provider. The platform will bring its solutions powered by Google Cloud to leading retailers and merchants in the U.S. It is also looking to utilize Google Cloud’s tools to build new analytics along with artificial intelligence (AI), machine learning (ML), and geolocation functionality on its platform.
CEO of Bakkt, Gavin Michael, 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, added:
“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”