Crypto custodian Bakkt is launching its own official digital wallet app, enabling anyone to hold, buy and sell cryptocurrencies. This is the second major product from Bakkt, which also operates a futures trading platform and a custodial solution for institutional investors. The second app is, however, aimed at retail users. As a promotional offer, the crypto company is giving away $1 million for downloading the app.
Bakkt Launching Its Own Digital Wallet App
The Bakkt app allows users to manage cryptocurrencies in addition to storing reward points and cash balances.
Available both on Android and iOS, the app currently supports over 200 brands, letting anyone buy aggregate rewards while purchasing discounted gift cards.
Besides, anyone can now use their cryptocurrencies according to their preference. This includes converting their participating rewards points to cash or cryptocurrencies as payments all within a single app.
On launching the Bakkt App, CEO Gavin Michael said:
“The average consumer holds a wealth of digital assets from gift cards to loyalty points to bitcoin but lacks the tools to adequately track and utilize their value. We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.”
Prior to its public debut, Bakkt ran an Early Access Program last year that saw over 500,000 users participate. This is the first time that the app is made available to general users on the iOs and Google Play Store.
Bakkt App is Launching in Partnership with Several Brands
Bakkt app is launching in partnership with several major brands including the electronics store With Best Buy, hotel chain Choice Hotels, payment processor Fiserve, and golf booking service GolfNow.
The crypto custodian company has also conducted a pilot program with Starbucks, letting its users reload their Starbucks Card balance on the app. The service is available in the current version of the app.
Each of these brands is offering payment services through the company with some providing exclusive deals for those using the app.