During the World Economic Forum, the event currently taking place in Davos, Switzerland, the President of Bakkt, Adam White, presented their consumer app which is expected to reach the general public by the end of 2020.
Bakkt’s consumer app will support crypto assets, like bitcoin, and also equity and loyalty, it resembles PayPal a bit, considering the presence of more traditional financial products.
While in Switzerland, White explained that according to him the crypto and blockchain world still lacks a killer app, i.e. a use case that can bring these technologies to the masses.
“I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something”, he said.
Bakkt and its app for Starbucks
Already at the end of October 2019, it was rumoured that Bakkt’s consumer app would be ready in 2020, so actually, this is just further confirmation of the rumour.
As a consumer app, it is meant to be used by anyone and can be used to store, exchange or transfer these assets, which include BTC. The presence of other cryptocurrencies seems to have not yet been clarified.
In reality, it will not be a payment system with real bitcoin, but an app that allows the exchange of contracts with the equivalent value of 1 BTC, issued by the same company and covered 100% by physical bitcoins.
The first tests of the app, probably starting in mid-2020, will be carried out by Starbucks, Bakkt’s first partner in this endeavour.
Bakkt and CME futures
While the app is being tested, Bakkt’s futures are not very successful compared to the CME bitcoin futures that would seem to be much more popular with investors.
In fact, research reveals that the volume of Bakkt bitcoin options traded on the New York Stock Exchange is still very limited and much lower compared to CME’s contracts.