Bakkt launches consumer wallet app for digital assets including bitcoin
March 30, 2021, 12:16PM EDT
1 min read
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.
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.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.