Bakkt Launches a Digital Wallet App

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In Brief
  • Bakkt Holdings is launching a new type of Digital Wallet, the Bakkt app.

  • The digital wallet will allow users to hold cryptocurrencies, cash, gift cards and other assets in one account.

  • Companies like Starbucks & Best Buy are allowing their loyalty points and gift cards to be held on the app.

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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 features is that the app will allow users to turn their digital assets into cash virtually on the spot.

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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.

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How Bakkt App Works  

The wallet provides users with a few ways to upload funds to the app, adding their regular bank account to start. From there, users will be able to purchase gift cards or add existing ones directly from the app.

When it comes to gift cards, users can immediately check their balance on those cards once uploaded to the app. Bakkt is looking for a way to allow users to add their airline miles onto the app.

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 a digital wallet.         

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