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Bakkt is working on developing an app, allegedly dubbed Bakkt Pay, to let consumers use digital assets when purchasing goods from merchants. They also might add support more than just Bitcoin.
Bakkt, the physically-backed Bitcoin Futures contracts company recently confirmed that they are testing their consumer app for retail crypto traders. Allegedly dubbed Bakkt Pay, the app, they said they plan to increase the width of their area of services to a higher level. That includes focusing on putting the retail traders besides institution investors who are already the users of the Bakkt services in its futures trading.
Bakkt testing consumer app in preparation for imminent lauch for retail traders! pic.twitter.com/7y4S1vZGS0
— Cryptopolis (@cryptopolis_x) November 14, 2019
Chief Product Officer Mike Blandina has previously said the app will be beneficial to customers as they can easily transact with digital assets, and will also be great for the merchants as their customer base would be widened. He then said:
“We’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power.”
Bakkt has started with its work this year but, however, its initial progress was not satisfactory and effective as planned. Most of the “guilt” lays in the fact that as it happened, most of the startups were still at their early stages.
However, Bakkt managed to come back to crypto markets with a good rising-possibilities as it reached its highest recorded position on November 8. Now, Bakkt plans to go one step further in order to widen the supply of its services for traders and investors as well.
“We’re enabling institutional investors to trade digital assets on end-to-end regulated infrastructure”
— Bakkt (@Bakkt) November 13, 2019
Also, Blandina previously hinted that the new app will include support for a considerable number of digital assets and users will also be able to hold as well as trade all of the supported assets:
“A key feature of the model we’ve designed is to support a superset of digital assets, including cryptocurrencies as seamlessly as investors transact in stocks in a retail brokerage account. Our vision is to provide a consumer platform for managing a digital asset portfolio, whether they wish to store, interact, trade or transfer their assets.”
Bakkt also recently announced that the company had partnered with the Starbucks and other cryptocurrency payments providers and the app is estimated to be launched in the first or second quarter of 2020. It is said that the application is designed for retail traders for trading and also for purchasing online products with cryptocurrency.
It was reported on November 8 that the estimated volume has done was almost $15.7 million-the highest value since its launch in the crypto markets. It is expected that after the coming of this new product, there will be a significant rise in the trading volume.
Daily summary of Thursday's Bakkt Bitcoin Monthly Futures:
📉 Traded contracts: 577 ($4,970,855)
📅 Day before: 601 (-4%)
🚀 All time high: 1756 (11/8/2019)
— Bakkt Volume Bot (@BakktBot) November 15, 2019
However, let’s not forget that already in August last year, Starbucks made then a surprising announcement that they would be partnering with the Bitcoin futures platform Bakkt.
What was initially interpreted as Starbucks accepting Bitcoin, was later clarified as a partnership in which Bakkt would “only let users trade and convert Bitcoin into FIAT currencies,” which they would use to pay for items at Starbucks. Instead of paying for coffee directly with Bitcoin, buyers would pay with Bitcoin that will be auto-converted to FIAT by Bakkt’s software.