Digital Asset Provider Bakkt Launches Visa Encrypted Debit Card

The debit card launch comes on the heels of Bakkt’s March launch of a digital asset payments app that allows customers to make payments using bitcoin and other cryptocurrencies.

Digital Asset Provider Bakkt Launches Visa Encrypted Debit Card

Digital asset provider Bakkt on Tuesday announced the launch of its Visa encrypted debit card, which allows customers to use their bitcoin and cash balances to purchase everyday goods and services online or at stores that accept Apply Pay or Google Pay, including hundreds of thousands of retailers, grocery stores and more.

Bakkt is a trusted marketplace for digital assets, enabling institutions and consumers to buy, sell, store and spend digital assets. Bakkt’s retail platform, now available through the recently released Bakkt App, expands consumer spending, reduces payment costs and adds value for all major stakeholders in the Bakkt payments and digital asset ecosystem. Bakkt was launched in 2018 by Intercontinental Exchange Inc. and is based in Alpharetta.

The debit card launch follows the launch of Bakkt’s digital asset payments app in March, which allows customers to make payments using bitcoin and other cryptocurrencies.

As previously reported by BizTweet, Bakkt announced that its wallet users can now send bitcoin, gift cards and cash to anyone, including those who do not use the Bakkt app.

Bakkt CEO Gavin Michael said, “As we continue Bakkt’s journey, our primary goal is to provide consumers with more choices, and the Bakkt Card takes bitcoin holders away from their past experience of using bitcoin only online and into a world with countless options to utilize digital assets in their daily lives.”

He added, “Imagine a Bitcoin user seeing a huge gain. Now, instead of selling bitcoins and waiting to transfer them to their bank, they can simply walk into their favorite store, click on their Bakkt card and buy the new item they’ve been eyeing.”

Bakkt customers can now apply for a Bakkt card through the Bakkt App. Once approved, users can immediately spend Bitcoin and cash (USD) funds from their Bakkt App account without first converting their Bitcoin or waiting for their bank to transfer funds from a separate Bitcoin wallet to their bank. With cryptocurrencies like Bitcoin becoming hugely popular this year, more people than ever are looking for ways to leverage digital assets. Bakkt is enabling this real-world spending while being able to invest and hold Bitcoin without charging transaction fees.

Many exchanges and digital asset marketplaces have launched their own crypto debit cards this year as awareness of the industry has increased. In February, BitPay announced it would launch a crypto Mastercard that supports six tokens, while Crypto.com issued a Visa card that allows users to fund their accounts with more than 100 cryptocurrencies.

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