Bakkt to launch consumer app in first half of 2020; will test product with Starbucks

Bitcoin derivatives provider Bakkt plans to launch a cryptocurrency consumer app and merchant portal in the first half of 2020, the firm announced in a blog post on Monday.

In the blog post, Bakkt chief product officer Mike Blandina states, "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." 

Blandina also adds that Bakkt plans on testing its consumer app and merchant portal with Starbucks, its first launch partner.

Earlier this year, The Block reported that Starbucks was receiving a generous equity deal as part of its partnership with Bakkt. Sources suggested that Bakkt's equity share was disproportionately high, given that it did not make a cash investment.