Bakkt, the cryptocurrency arm of Intercontinental Exchange (ICE), announced on Tuesday that it had launched a new virtual Visa debit card, dubbed ‘Bakkt Card’. According to the announcement, the new product will allow users to spend their Bitcoin (BTC) and cash balances to purchase goods, services online and even pay in physical stores where Apple Pay or Google Pay are accepted.
Bakkt customers who want to apply for the card should do it via the Bakkt App, and once it gets approved, users could use their funds right away from their Bakkt App without having to wait for conversion times or bank transfers from a separate Bitcoin wallet to their banks.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
“As we continue Bakkt’s journey, our goal first and foremost is to offer more choice for consumers, and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives,” Gavin Michael, Bakkt’s CEO, commented on the launch.
Furthermore, he hinted at the possibility of offering selected rewards “very soon,” where customers could leverage their points to arrange payments. “Imagine a bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing,” Bakkt’s CEO added. The company clarified that Sutton Bank issues its debit card.
Recent Features Announced
Last week, Finance Magnates reported that Bakkt enabled a feature for its users to send Bitcoin (BTC), gift cards and cash to everyone, even to those who are not using the native app of the firm, Bakkt App. To arrange the new kind of payments, Bakkt App users should choose the ‘Send’ option and then pick Crypto, Gift Card or Cash to send the preferred alternative to any person.