Bakkt, an international Exchange-backed bitcoin and crypto platform, revealed their plans to collaborate with tech giant Microsoft and coffee chain leader Starbucks in institutionalizing investors and in advertising crypto spending in the global market.
Bakkt touted to be a significant turning point in the evolution and uptake of cryptocurrency for the traditional and institutional investors and has raked in $300M from Microsoft and other latter parent companies amid the massive global market crisis and the effect it has had in the Bitcoin market.
The company began its journey some two years ago with the first year focused primarily on achieving solid regulatory approval with its platform that allows Futures to trade on the price of Bitcoin.
Newly appointed Bakkt CEO Mike Blandina wrote that Bakkt was launched two years ago with the vision of building trust in and unblocking the value of digital assets for institutions and consumers alike. He also added that since then, they have been focusing on delivering that vision.
According to Blandina, in 2019, they helped launch the first end-to-end regulated market for Bitcoin and an institutional bitcoin custody offering too.
Expanding its offering
ICE had recently acquired Alpharetta-based Bridge2 Solutions, a provider of loyalty solutions for merchants and consumers, which was then purchased by Bakkt to assist the launch of a cryptocurrency exchange app to be released this summer as part of the plans for this new injection of funding at Bakkt.
The crypto firm plans to create a platform that gives the user the chance to cash in and trade loyalty program points for Bitcoin and cash. According to Blandina’s description of the new Bakkt app, it appears that it would be a great idea.
Bakkt’s app plans smooth online transactions through a single digital wallet. The company intends to ease transactions from airline bookings, trading of loyalty points from the user’s favorite grocery store to purchasing using Bitcoins.
The CEO further added that in just a few taps, the users could use those assets to shop at their favorite merchants, send them to family and friends, or convert them to cash. Blandina believes that you hold more value than you realize, and Bakkt is there to help you track, spend, and send your digital assets in any way you want.
The crypto platform’s warehouse is capable of supporting bitcoin futures‘ physical deliveries, and it also offers custody services for the company’s bitcoin storage outside of futures markets.
Investors have seen that the current market conditions are, of course, not very amenable to any investment or growth as the stocks, gold, and other commodities, including Bitcoin, have shed masses of value. The conditions are causing them to pull away from any investing ang leaving platforms like Bakkt and CEM as they wait for things to go back to normal.
With regards to cryptocurrency offerings, it is a market of great fear, and there is high volatility that drives investors away. However, Bakkt’s platform focuses on long term usage for their offerings and investment.
According to Blandina, Bakkt had a once in a lifetime opportunity to improve its technology, infrastructure, and partnerships with businesses as it brings a new trend of innovative products to the market while expanding their access to the global economy.