BUSINESS | Jun 25, 2021 | WOZINGA NEWS
Bakkt launches crypto Debit card, allows users to spend Digital assets
Bakkt, the digital asset marketplace that powers the Bakkt App, has announced the launch of a new fully virtual Visa Debit Card (Bakkt Card).
By Elah Mae Ariate Wozinga Journalist
Bakkt Holdings,a digital asset marketplace, has launched a new card. According to a press release, it will allow people to use digital currency and purchase everyday items.
According to the report, a lot of people are looking for ways to leverage their digital assets. Bakkt’s launch enables real-world spending and the ability to invest in and hold bitcoin with no transaction fees.
The company was founded in 2018. It is leading a new era of financial services innovation. This includes reimagining and unlocking the value of digital assets like rewards and loyalty points, as well as gift cards. In addition, Intercontinental Exchange owns cryptocurrency (ICE).
The company’s goal is for all digital assets to be as liquid as any fiat currency. Sutton Bank, Member FDIC, issues the Bakkt Visa Debit Card under license from Visa U.S.A. Inc.
The New Bakkt Debit Card
The new Card enables customers to use their bitcoin and cash balances to purchase everyday goods and services online, in-store wherever Apple Pay or Google Pay are accepted. These include retailers, grocery stores, transit options, and more.
As it continues its journey, the goal is to provide more choice for consumers. Also, the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options for leveraging digital assets in their day-to-day lives. Consider a bitcoin user who has made a significant profit.
Instead of selling and waiting for the funds to be transferred to a bank. They can now walk into their favorite store, tap their Bakkt Card, and purchase that new item they have been eyeing. “Selected rewards customers will soon have the same flexibility. Leveraging their points to pay for a lunch out with friends or even an impulse purchase,” said Gavin Michael, CEO of Bakkt.
Customers can apply for a Bakkt Card through the Bakkt App. Users can spend bitcoin and cash (USD) funds from their Bakkt App account. Without first converting their bitcoin or waiting for a bank transfer from a separate Bitcoin wallet to their bank.
Digital Asset Payment Application
Bakkt announced in March that it had launched a digital asset payments application that allowed customers to make purchases using BTC and other cryptocurrencies. The platform promote at the time to “amplify consumer spending, reduce payment costs, and strengthen merchant loyalty programs.”
As the industry’s awareness grows, many exchanges and digital asset marketplaces have launched their own crypto debit cards this year. BitPay announced in February that it would offer a crypto Mastercard with support for six tokens, whereas Crypto.com’s Visa card allows users to fund their accounts with more than 100 cryptocurrencies.