“By enabling consumers and merchants to unlock the value of the $1.2+ trillion in digital assets currently held in cryptocurrencies, loyalty and rewards points, and gift cards, the Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs,” the company said in the statement.
Over 500,000 users tested Bakkt’s app during its testing phase, and it’s now available on the Apple App Store and Google Play store. Notable companies affiliated with the app include Starbucks, Best Buy, GolfNow, and Choice Hotels.
Bakkt is the crypto venture founded in 2018 by exchange operator Intercontinental Exchange (ICE) and is valued at $2.1 billion. Bakkt went public on the New York Stock Exchange three months ago after a merger with the special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.
Despite its current small client base, the firm has outlined ambitious goals of achieving nine million customers and earning over $500 million in total revenue by next year.