Bakkt Launches Bitcoin Wallet With Starbucks And More
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The Intercontinental Exchange (ICE)-backed digital asset marketplace Bakkt said it launched the Bakkt App, a crypto wallet that allows its customers to use their digital assets "how they prefer."
The app allows to convert participating rewards points to cash or use bitcoin (BTC) as payment. The company defines "digital assets" as cryptocurrencies, rewards points, and other assets. However, as for cryptocurrencies, their website mentions BTC only.
"Now available to the public in the App Store and Google Play Store, the Bakkt App launches with industry and brand leaders including Starbucks, GolfNow, Best Buy, Choice Hotels, and Fiserv," the company said.
Bakkt claims that over 500,000 users participated in its invitation-only Early Access Program.
"The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin – but lacks the tools to adequately track and utilize their value," Bakkt’s CEO, Gavin Michael, was quoted as saying in an emailed press release.
According to Bakkt, this is what users of the app will get:
As reported, Bakkt plans to have 18m users by next year – twice as many as what’s projected for this year. The number is then expected to grow further to 23 million in 2023 and 27 million in 2024.
Also, according to their projections, in 2025, when they estimate to have 30m active users, their total revenue less transaction based-expenses should be over USD 500m and operating income might hit USD 196m.
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(Updated at 15:22 UTC: updates throughout the entire text. Updated at 15:40 UTC with additional details.)
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