Google establishes payment partnership with giant cryptocurrency exchange

Users with debit cards offered by crypto exchange Bakkt will be able to make fiat-type payments with cryptocurrencies through Google Pay.

In the October 8 announcement, Bakkt announced that it has partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. Additionally, Bakkt plans to build new geolocation and analytics features on its platform using tools within Google Cloud. The exchange expects the new features to expand loyalty payment options while “providing Bakkt partners with invaluable models of consumer behavior.”

“This partnership once again demonstrates Bakkt’s strong position in the digital asset market to enable consumers to safely enjoy their digital assets in real time,” said Gavin Michael, CEO of Bakkt.

According to Google, “millions” of businesses can currently receive payments with Google Pay. Potentially, Bakkt allows its users to pay with cryptocurrencies at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty salons” and many more. Before the partnership with Bakkt, it was announced in June that Apple Pay and Google Pay would begin offering support for the Coinbase card. Gemini has also allowed its users to buy cryptocurrencies with Apple Pay and Google Pay since April.

Related: What is “entry ramp” and “exit ramp” in the world of cryptocurrencies?

Launched by the Intercontinental Exchange in 2018, Bakkt initially offered BTC futures contracts only to accredited investors. In March, the platform launched its payment app, designed to “increase consumer spending, reduce payment costs, and support merchant loyalty programs,” allowing consumers to use cryptocurrencies to shop.

and strengthen merchant loyalty programs. “

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