Apr 01, 2021
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About this Deal
Bakkt Launches Its Digital Wallet, Bakkt App, to Manage All Forms of Digital Assets, Debuting with Starbucks, GolfNow, and Best Buy Among Other Marquee Brands
The company’s new app is an innovative tool for consumers to unlock the value of $1.2+ trillion in digital assets currently held in cryptocurrencies, loyalty and rewards points, and gift cards
Bakkt Holdings, LLC (“Bakkt”), the digital asset marketplace founded in 2018, today announced the launch of the Bakkt® App, the game-changing digital wallet that brings together bitcoin and other forms of digital assets into one platform. The Bakkt App gives consumers the power to use their digital assets how they prefer – converting participating rewards points to cash or using bitcoin as payment, for example – all within one easy-to-use application. By enabling consumers and merchants to unlock the value of the $1.2+ trillion in digital assets currently held in cryptocurrencies, loyalty and rewards points, and gift cards, the Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.
The Bakkt App saw over 500,000 users participate in its invitation-only Early Access Program, as new features were released and tested prior to its public debut. Now available to the public in the App Store and Google Play Store, the Bakkt App launches with industry and brand leaders including Starbucks, GolfNow, Best Buy, Choice Hotels, and Fiserv.
“The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value,” said Bakkt’s CEO, Gavin Michael. “We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.”
Bakkt was launched in 2018 by Intercontinental Exchange, Inc. (“ICE”) and a marquee group of investors and through strategic partners and agreements. Core to Bakkt’s platform is tapping into ICE’s ability to create a secure and regulated market infrastructure for users to safely transact all forms of digital assets in one place, as opposed to separate siloed apps for individual types of assets.
Customers can now use Bakkt to reload their Starbucks Card through the Starbucks® app for iOS. This new digital experience introduces a new payment choice for Starbucks customers, who can convert supported loyalty and rewards points, bitcoin, frequent flyer miles, and gift cards in the Bakkt App into USD to then reload their Starbucks Card saved in the Starbucks app.
“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 are excited that customers now have the opportunity to use Bakkt to load their Starbucks Card in the Starbucks app and then use it to pay at Starbucks," said Karl Hebert, Starbucks VP of global card, commerce and payment.
Bakkt to launch in partnership with marquee brands including:
Best Buy: Best Buy will provide exclusive deals to Bakkt users, which can be purchased using the Bakkt® Visa® Debit Card.
Choice Hotels: Bakkt is working with Choice Hotels to enable utilization of Choice Privileges® Rewards through the Bakkt App, expanding the options for how members can use their points.
Fiserv: Fiserv will allow account holders to convert their uChoose Rewards® points to cash within the Bakkt App, which can then be used to buy gift cards, send to a friend, and use for other payments.
GolfNow: Bakkt is the Presenting Sponsor of the GolfNow mobile app and the Official Payment Partner of GolfNow. Bakkt will have integrated solutions at checkout for GolfNow members to pay using their digital assets.
“As a technology leader in our sport, GolfNow is excited to join with Bakkt to further diversify payment solutions for our more than 3.5 million members,” said Jerramy Hainline, Senior Vice President and General Manager, GolfNow. “The potential our partnership presents is very compelling, creating an opportunity to make golf even more accessible by giving our customers the ability to convert crypto, gift cards and unused loyalty points into a round of golf.”
Bakkt’s goal is to make all digital assets as liquid as any fiat currency. Bakkt takes a broad view of digital assets. Whether they are miles from your most-traveled airline, loyalty points from the local grocery store, or your first bitcoin purchase, the Bakkt App enables you to aggregate all of these assets into a single digital wallet and unlock their value to send or spend. Bakkt believes you hold more value than you realize, and empowers you to track, spend, and send your digital assets however you want.
Bakkt is a trusted digital asset marketplace that enables institutions and consumers to buy, sell, store and spend digital assets. Bakkt’s retail platform, now available through the recently-released Bakkt App, amplifies consumer spending, reduces payment costs, and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018 by Intercontinental Exchange, Inc., Bakkt is headquartered in Atlanta. For more information, visit: https://www.bakkt.com/