Bakkt, a digital-asset marketplace, said its users can now load their Bakkt Visa debit cards into Google Pay and use the crypto-backed cards to make online and in-store payments where Google Pay is accepted. The consumer’s digital asset, such as Bitcoin, will be converted to fiat currency for these payments. Bakkt also chose Google Cloud as a preferred provider.
Three-year-old Bakkt, which is owned by Intercontinental Exchange Inc. but anticipates going public this fall, launched its own mobile wallet in March and debuted its Visa debit card in June. The Alpharetta, Ga.-based company said then that cardholders can spend Bitcoin and cash funds without having to first convert the cryptocurrency or wait for a bank transfer from a separate Bitcoin wallet to their banks. The virtual card is issued by Sutton Bank.
To use within Google Pay—the card also is compatible with Apple Pay—the cardholder simply taps their phone against a contactless payment reader. To use the debit card online, the user taps “Show Card Details” in the Bakkt app to display the card number, expiration date, and security code.
The app also enables users to load loyalty points from some hotels, airlines, and retailers. In September, it said 1 billion points and miles have been linked on the Bakkt app.
Bakkt says the Google Cloud integration will aid its new analytics services, artificial intelligence, machine learning, and geolocation functionality.