The digital asset marketplace Bakkt is working with Google on a project that will extend access to digital assets to millions of new customers.
Bakkt announced the partnership on Friday (Oct. 8), saying it was created to “extend the reach and usability of digital assets to meet rapidly evolving consumer demand and preferences.”
Under the partnership, Bakkt users can add their virtual Bakkt debit card into Google Pay to make purchases online, in-store and anywhere Google Pay is accepted. Digital assets like bitcoin will be converted to fiat currency to enable these payments.
Founded in 2018 and headquartered in Atlanta, Georgia, Bakkt Holdings gives users the ability to buy, sell, store and spend digital assets.
Bakkt has also chosen Google Cloud as its cloud provider, and will market its Google Cloud-powered solutions to retailers and merchants in the U.S.
In addition, Bakkt plans to add new analytics and new artificial intelligence (AI), machine learning and geolocation functionality to its platform. The company says this will “draw out deep, location-aware business insights leveraging Google Cloud’s industry-leading tools.” Bakkt says these insights will give customers expanded loyalty redemption options, while offering its partners valuable customer behavior patterns.
“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,” said Gavin Michael, Bakkt CEO. “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.”
The announcement comes just weeks after Bakkt announced it had reached one billion points and miles being linked on its app by users since the firm unveiled the app in March.
Bakkt also said last month that it planned to go public via a merger with the special-purpose acquisition company VPC Impact Acquisition Holdings (VIH). The board of VIH is due to vote on the merger on Oct. 14.