Bakkt launches Bitcoin payment app in cooperation with Starbucks

  • Bitcoin exchange Bakkt has announced the launch of a multifunctional application early next year.
  • This is to simplify the sending, receiving and storing of Bitcoin and other cryptocurrencies strongly.

The cryptocurrency exchange Bakkt has set itself the goal of making trading in cryptocurrencies, such as Bitcoin, as simple as possible. True to its motto “Creating trust in digital assets”, Bakkt is working on the development of new solutions to simplify the entry of private individuals and institutional investors into the cryptocurrency market.

Bakkt develops new payment gateway

Bakkt officially announced yesterday that in the first half of 2020 the exchange will provide a new payment application that will achieve more efficient transaction processing and thus increase acceptance. Mike Blandina, CPO at Bakkt, leads the project and is excited to deliver innovation to consumers through a smart product.

Bandina has more than 25 years of experience in the research and development of payment products. He has worked with companies such as Google, PayPal and Blackhawk Network to drive the adoption of innovative payment solutions. The new payment gateway will gradually change the ecosystem in four areas:

  • The underlying infrastructure is to be improved. Merchants will be able to accept payments at low costs and will have faster settlement times.
  • For better access, a consumer app is to be launched. This will make it easier for merchants and private users to access their digital assets and manage them in one place.
  • Users of the new application should have full control over their digital assets at all times. Retailers and consumers can flexibly manage and access their assets at any time.
  • Bakkt wants to create confidence on a broad basis and convince retailers and consumers who are not yet in the cryptocurrency market of the possibilities and potential.

The release of the new application is planned for the first half in 2020. This will be piloted in cooperation with Starbucks and initial experience will be gained. All interested parties can register as testers for the beta version under this link.

The development team is currently working on the completion of the payment and compliance platform, which is, however, about to be released. After that, the team will fully focus on the described project.

Trading volume on Bakkt platform continues to rise

Bakkt set a new trading record on October 25, 2019 with a total of 640 Bitcoin and 1,179 Bitcoin Futures contracts traded. As we reported earlier, the Bitcoin price recorded a sudden upswing of just under USD 2,000 on that very day. On 29 October, 524 BTC had been traded so far at a current price of USD 9,340. The extrapolation shows that with the trading volume remaining constant, the day will close with 617 Bitcoin traded.

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Bitcoin Futures trading on Bakkt started with a small volume. However, industry experts predicted that it will take at least four weeks for companies with larger amounts of capital to use the new financial product. With futures trading, Bakkt is primarily targeting institutional investors who are looking for an easy entry into the cryptocurrency market and do not want to worry about storing their Bitcoin.

At the time of writing, the Bitcoin price recorded a decline (-1.44%) to a price of 9,420.07 USD.

About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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