Digital currency platform Bakkt has announced the launch of its consumer app, Bakkt app. The app will function as a digital wallet for consumers to receive rewards and loyalties through Bitcoin (BTC).
According to the firm, the idea is to bring consumers closer to the digital currency market and encourage the increased use of Bitcoin.
When more merchants accept Bitcoin as a form of payment, it could encourage more adoption of Bitcoin and cryptocurrencies, as companies like PayPal and Tesla have proved.
More benefits for customers
With the Bakkt app, people can manage and access stored values of different digital assets on one platform. Bakkt says it makes things easier and more efficient for users.
It also enables users to transact with Bitcoin, including buying, selling, and converting the cryptocurrency to fiat currency.
Bakkt says the new app has several benefits, which include adding value to key stakeholders, reducing payment costs, and amplifying consumer spending. Users can also convert gift cards, frequent flier miles, as well as loyalty and reward programs into cash.
Additionally, businesses can get discounted prices when they sell gift cards through the app. They can also opt to receive customer payments with the app, the company stated.
Bakkt partners with other top brands
Customers who register with the app can use Bakkt when reloading their Starbucks Card on their iOS device.
“Starbucks is proud to be an innovation partner with Bakkt,” Starbucks stated. The company added that both the Starbucks and Bakkt teams partnered to develop a trusted and unique payment experience. Starbucks added that customers can now unlock the value of the digital assets and exchange it with US dollars. Bakkt is also partnering with other top brands for the Bakkt App, including Fiserv, Choice Hotels, and Best Buy.
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