Bakkt Launches Mobile App for Bitcoin Holding and Spending

Crypto custodian Bakkt has set its consumer app live on both Android and iOS, enabling anyone to store, buy and sell cryptocurrency.

The app will also let you aggregate rewards, send cryptocurrency to your friends and will let you buy discounted gift cards. It currently supports 200 brands within the app.

“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,” said Bakkt’s CEO Gavin Michael, adding, “We’re thrilled to bring the Bakkt App to the public as a step along our journey to expand digital asset access to all.”

Bakkt's main focus is to securely store Bitcoin. It was launched by the Intercontinental Exchange (ICE)—the parent company of the New York Stock Exchange—in 2018, eventually going live in December 2019. ICE then uses its custodial services for its own Bitcoin futures offering.

Bakkt has already conducted a pilot program with Starbucks, letting its users reload their Starbucks Card and purchase coffee with Bitcoin—albeit indirectly. This service is available in the current version of the app.

Bakkt has added a few other brands, including electronics store Best Buy, hotel chain Choice Hotels, payment processor Fiserv and golf booking service GolfNow. Each of these brands are offering payment through Bakkt with some providing exclusive deals for those using this app.

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