Bakkt Holdings has just announced the launch of its Bakkt App. A digital wallet that is designed to allow you to hold multiple different assets under one roof. One of the biggest game-changing features is that the app will allow users to turn their digital assets into cash virtually on the spot.
Plenty of companies, such as BestBuy, Choice Hotels, and Starbucks, make their gift cards and loyalty programs compatible with the Bakkt platform. Other companies like DoorDash, Xbox, and Home Depot are set to allow their gift cards to be uploaded to the platform as well.
Although these companies are not mentioned directly in the launch press release, they are referenced on the Bakkt site. Till now, the exchange has focused mostly on institutional investors.
How Bakkt App Works
The first thing that a user would need to do is upload funds to the app. There are different ways to do that; users can add a regular bank account on the app to start. From there, they will be able to purchase gift cards or add existing ones directly from the app. Also, they’re granted access to cryptocurrencies with a couple of touches.
When it comes to gift cards, another interesting element is that users can check their balance on those cards immediately once uploaded to the app. Bakkt is looking for a way to allow users to add their airline miles onto the app. As of the launch date, there is no registered airline with the company.
How to Spend Funds on the App
Bakkt is going to pair its Bakkt App with a Bakkt Card. What we know at this point is that it will be accepted through the Google Pay and Apple Pay systems. This is the card that seemingly is going to allow users to convert their assets into cash.
At this point, users can upload their bank information from regular debit or credit cards. They can use that money to purchase different assets and store them in the digital wallet. Once the Bakkt Card is launched, users will have more freedom to spend than hold their digital assets.
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