Key takeaways:
- 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 held on Bakkt will be automatically converted to fiat for payment to occur
On Friday, Bakkt announced a partnership with Google, which will allow its users to spend their Bitcoin and other digital assets wherever Google Pay is accepted. Google payment platform’s support for Bakkt credit cards will greatly increase the usability of Bakkt and introduce millions of customers to crypto assets.
Google services to boost Bakkt’s platform functionality and greatly increase its reach
Bitcoin and other supported cryptocurrencies will automatically be converted to regular fiat currency whenever a payment with digital assets will be made. In order to take advantage of Google Pay integration, Bakkt users will have to add their virtual Bakkt Cards as a payment method into Google Pay.
The partnership with Silicon Valley-based search giant is not limited to Google Pay service only but also includes extensive integration with Google Cloud. Bakkt aims to utilize a vast database of consumer behavior patterns powered by Google Cloud infrastructure to provide its customers with “expanded loyalty redemption options,” according to the official press release.
The financial services company is also planning on developing new analytics tools using “artificial intelligence (AI), machine learning (ML), and geolocation functionality,” to provide “location-aware business insights” to 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 marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner. Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Google Cloud President of North America Kirsten Kliphouse shares the sentiment, and stated that they “are proud to help Bakkt accelerate and scale the availability of their innovative solutions.”
Bakkt was founded in 2018 by Intercontinental Exchange (ICE), which is 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 assets custody service but has since grown to become a fully-fledged payment platform with dedicated mobile app support, support for gift cards, cash payments, and digital currency payments.
Bakkt follows in the footsteps of Coinbase, which has announced support for Apple Pay and Google Pay earlier this year.
