Top-tier financial establishments are widening the scope of its offerings, with Bakkt rolling out its crypto asset payments solution for the general audience.
Specifically, 500,000 individuals reportedly received invitations to test out the Bakkt-built app – dubbed Early Access Program – in the latter half of 2020.
The company is reportedly also making a $1 million giveaway available, as an initiative to increase the app’s download rate from its users.
Made available starting March 30, the payments app reportedly enables management for Bitcoin and different crypto assets for its users, including loyalty points and vouchers, to conduct purchases.
Over 75 high-profile brands are making discounted gift cards available for buyers making purchases via the Bakkt app, including Choice Hotels, GolfNow, and Best Buy.
Users will reportedly also have the management freedom over their Starbucks Card balance via the platform.
“Starbucks is proud to be an innovation partner with Bakkt. Our teams worked closely together as Bakkt sought input in developing a unique and trusted payment experience that enables customers to unlock the value of their digital assets in the form of US dollars. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all,” Karl Hebert Starbucks’ VP of global card, commerce, and payment.
Bakkt reportedly shared that the application has a primary goal of allowing “consumers and merchants to unlock the value of $1.2 trillion in digital assets”, via offering incentivization for their commerce use.
“The Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”
The payments platform seems to have been a collaborative project of Bakkt and Starbucks 2 years ago, with Bakkt setting the target for rolling out the platform as a standalone app the next year.