Bakkt launches consumer wallet app for digital assets including bitcoin

Wallets • March 30, 2021, 12:16PM EDT
UPDATED: May 27, 2021, 11:55AM EDT
The Block

After several years of development, Bakkt has opened up its retail app for bitcoin, gift cards, customer loyalty points, and other digital assets, according to a company statement. 

“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 company said in the statement. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Over 500,000 users tested Bakkt’s app during its testing phase, and it’s now available on the Apple App Store and Google Play store. Notable companies affiliated with the app include Starbucks, Best Buy, GolfNow, and Choice Hotels. 

Bakkt is the crypto venture founded in 2018 by exchange operator Intercontinental Exchange (ICE) and is valued at $2.1 billion. Bakkt went public on the New York Stock Exchange three months ago after a merger with the special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.

Despite its current small client base, the firm has outlined ambitious goals of achieving nine million customers and earning over $500 million in total revenue by next year.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.