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Bakkt launched a proprietary APP to accept bitcoin payments



The original title-zce "Bakkt launched a proprietary APP to accept Bitcoin payments, users can also manage digital assets such as "points, gift cards""

Bakkt, a digital asset marketplace backed by Intercontinental Exchange (ICE), said it has launched the Bakkt App, a crypto wallet that allows customers to use their digital assets "as they like."

The app allows users to convert points rewards for participation into cash or pay with Bitcoin (BTC). The company defines "digital assets" as cryptocurrencies, rewarded points and other assets. As far as cryptocurrencies are concerned, though, their website currently only mentions Bitcoin (BTC).

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"The Bakkt app is now available to the public in the App Store and Google Play Store, along with some of its industry partners including Starbucks, GolfNow, Best Buy, Choice Hotels and Fiserv."

Exclusive | Bakkt futures contract data overview: Golden Finance reports, Bakkt Volume Bot data shows that on May 20, the single-day trading volume of Bakkt Bitcoin monthly futures contract was 20.05 million US dollars, a year-on-year decrease of 2%, and the open interest was 977 million dollars, down 4% year-on-year. [2020/5/21]

Bakkt claims more than 500,000 users have participated in an invitation-only “early access” program.

Bakkt CEO Gavin Michael said in an emailed press release: “The average consumer owns a wealth of digital assets, from gift cards to loyalty points to bitcoin, but lacks a way to adequately track and utilize tool for these digital assets.”

Exclusive | Bakkt futures contract data overview: Golden Finance reports, Bakkt Volume Bot data shows that on February 20, the single-day transaction volume of Bakkt Bitcoin monthly futures contract was 12.66 million US dollars, a month-on-month decrease of 17%; the open interest was 1010 million U.S. dollars, down 26% month-on-month. [2020/2/21]

According to the company, users of the app own cryptocurrencies stored in their wallets: "For your benefit, Bakkt will host user assets in your wallet for you." Also, according to the current terms of use, there are no fees for using the app any fees.

According to Bakkt, users of the app will get:

Starbucks: Customers can now use Bakkt to reload their Starbucks cards through the Starbucks app for iOS. For the company, Starbucks customers can convert loyalty and rewards points, bitcoin, airline miles, and gift cards, etc. supported in the Bakkt app to U.S. dollars, and then reload the Starbucks card in the Starbucks app.

Best Buy: Best Buy will offer Bakkt users a unique perk, allowing users to pay with the Bakkt Visa debit card.

Choice Hotels: Bakkt is partnering with Choice Hotels to expand the use of loyalty points with rewards for Choice privileges through the Bakkt app.

Fiserv: Fiserv will allow account holders to convert their uChoose Rewards Points into cash within the Bakkt app, which can then be used to buy gift cards, give to friends, or spend on other payments.

GolfNow: Bakkt is the sponsor and official payment partner of the GolfNow mobile app. Bakkt will provide an integrated solution at checkout, allowing GolfNow members to pay with their digital assets.

According to reports, Bakkt plans to have 18 million users by next year, which is double the number planned for this year. This number is expected to grow further to 23 million by 2023 and reach 27 million by 2024.

Additionally, according to their forecasts, by 2025 they expect to have 30 million active-zce users, gross revenue less transaction-based fees should exceed $500 million, and operating income is expected to reach $196 million.


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