Cryptocurrency investors will gain access to their funds across both services.
Key Takeaways
Crypto trading platform Bakkt has announced a partnership with Google Pay that will integrate each platform’s payment services.
Bakkt will also use Google Cloud as its preferred cloud provider.
The two companies will additionally work to build new AI and geolocation tools for business insights.
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Crypto trading platform Bakkt announced a partnership with Google today that will integrate payments services across platforms and make use of cloud solutions to build new technology.
Partnership Focuses on Payments
Under the partnership, Bakkt users will be able to add their virtual Bakkt Visa Debit Card to Google Pay, which will allow the purchase of goods and services wherever Google Pay is accepted. Crypto assets will be converted to fiat currency at the point of sale.
Bakkt also announced that it has selected Google Cloud as its preferred cloud provider and said that it will build and market business solutions powered by the service.
Google Cloud President of North America Kirsten Kliphouse commented on the partnership, stating:
“Google Cloud has been at the forefront, powering many retailers and merchants. We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by Google technologies.”
The firm additionally announced that it would work with Google to build new AI projects, machine learning tools, and geolocation functionality on its platform “to draw out deep, location-aware business insights leveraging Google Cloud’s industry-leading tools.”
While critics may have privacy concerns over those technologies, Bakkt claims this will provide its customers with improved loyalty redemption options, while its partners will see “valuable consumer behavior patterns powered by Google Cloud infrastructure.”
What Is Bakkt?
Though Bakkt initially began as a Bitcoin futures trading platform, it has gradually expanded its business to offer a crypto payment and trading service for retail investors.
Notably, it offers rewards and loyalty programs for brands such as Starbucks, Chipotle, Marriott Hotels, and Alaskan Airlines; reward points can be converted into cash. It also allows users to send and withdraw cryptocurrency, something that some competing investment apps like Robinhood do not yet allow.
Bakkt was founded by current CEO Jeffrey Sprecher of the Intercontinental Exchange, which owns the New York Stock Exchange (NYSE). His wife, former U.S. Senator Kelly Loeffler, formerly served as CEO. Loeffler was one of the senators accused of insider trading last year, though the Senate Ethics Committee dismissed its investigation.
The firm announced plans to go public via a SPAC earlier this year, though its plans have not been officially approved.
Disclaimer: At the time of writing, the author held BTC, ETH, and several other cryptocurrencies.
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