Bakkt, a crypto marketplace and custodian, announced Monday a partnership with Google to extend the “reach and usability of digital assets to meet rapidly evolving consumer demand.”
Bakkt users will now be able to add their virtual Visa Debit cards into Google Pay, providing the ability to pay in crypto at a variety of online markets and stores, wherever Google Pay is accepted. Bitcoin payments will be converted into fiat to make these purchases.
Gavin Michael, Bakkt CEO, said in an announcement, “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.”
“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,” he added.
As part of the Google-Bakkt partnership, the following features will be provided to Bakkt users:
- Bakkt users will now be able to add their virtual Bakkt Visa Debit cards to Google Pay to purchase everyday goods and services, wherever Google Pay is accepted, including online or in shops.
- Cryptocurrencies will be converted to fiat currencies for facilitating these payments, the company was quoted as saying by Bitcoin.com.
Google Cloud President of North America Kirsten Kliphouse continued:
“Google Cloud has been at the forefront of accelerating digital commerce, powering many retailers and merchants. We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”
Although the partnership with Google may not be the ideal payments solution for Bitcoiners, as they will have to liquidate their Bitcoin for fiat before making transactions, rather than just spending it or transacting it seamlessly over lightning, it is a notable indicator of commercial interest in Bitcoin and the growing demand for Bitcoin payments solutions by traditionally fiat institutions.
Launched by the Intercontinental Exchange in 2018, Bakkt first offered BTC futures contracts exclusively to accredited investors. In March, the platform released a payments app allowing users to use crypto to make purchases, designed to “amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs.”