Bakkt intends to develop a wallet that will offer storage for all digital assets. This will be done using Bridge2 Solutions, which has just been acquired by ICE, which in turn owns Bakkt. The project involves the integration of Bridge2 Solutions into Bakkt, which will contribute to the development of Bakkt’s consumer app.
It would be a digital wallet containing all activated loyalty programs and bank cards: all in one place and converted into money to spend anywhere.
Adam White, president of Bakkt, explained how it works in a tweet:
— Adam White (@WhiteAdamL) February 5, 2020
“Bakkt will let you store, send, and spend any digital asset as easy as if it were cash”.
Bridge2 Solutions provides loyalty programs to some of the world’s largest brands by expanding rewards and giving consumers the ability to spend them both in-store and via digital wallets.
As explained in Fortune, the integration with Bakkt would lead to the spread of a credit card accepted in all stores that already use Google Pay or Apple Pay. This would not result in any change for merchants. During the next step, they would need to connect directly to the Bakkt app.
The app would be divided into four sections:
- Game points (for systems like Xbox or Microsoft)
Not only will it be possible to make purchases via apps, but also to transfer credits from one category to another. Bakkt would handle these transactions and payments by charging a small fee.
The hardest part could be the loyalty of the merchants. However, according to Fortune, if and when this system goes live, it could really be revolutionary.
According to Jeffrey Sprecher, founder, president and CEO of ICE:
“Bakkt was created to help bring transparency and trust to the previously unregulated digital asset markets,” said Jeffrey Sprecher, Founder, Chairman and CEO of ICE. “With the launch of the Bakkt Warehouse and Bakkt futures and options markets, the company has achieved quick success with its custody and trading offering. Bakkt’s second round of funding, and its acquisition of Bridge2 Solutions, will help accelerate the development of Bakkt’s consumer application, which has been a key part of our strategy since we first looked at this market.”
Mike Blandina, CEO of Bakkt added:
“With the launch of the Bakkt app, we will, for the first time, offer consumers a robust platform to consolidate and use all of their digital assets, from crypto to loyalty points to in game tokens, in one user-friendly wallet,” said Mike Blandina, CEO of Bakkt. “Combining Bridge2 Solutions’ embedded relationships with banks and merchants and their innovative Loyalty Pay solution will enable us to launch new products that further drive loyalty and empower consumers to trade, transfer and spend digital assets in entirely new ways.”