• According to Bakkt’s CEO, crypto might usher in a “pay with anything” future

  • Gavin Michael, CEO of blockchain asset management startup Bakkt, told us that transforming cryptocurrencies into spendable cash may release up to $1.2 trillion in value locked in the assets.

    According to Michael, a practical payment network can accept all types of digital transactions, including currencies, cryptos, rewards points, and more, and convert illiquid assets into spendable assets across multiple endpoints.

    The CEO of Bakkt said:

    “We’re attempting to establish a new payment rail that allows consumers to access liquidity in assets that have traditionally lacked liquidity.”

    It’s worth noting that the crypto futures trading platform Bakkt is controlled by Intercontinental Exchange (ICE), which also owns the world’s largest stock exchange, the New York Stock Exchange (NYSE).

    “Pay with whatever you have”

    The Bakkt platform may thus serve a range of connected client groups by embracing this broader paradigm. Cryptocurrencies, as well as merchant incentives, loyalty points, and gift cards, would be available to customers.

    “It starts with pay with points, but eventually it becomes pay with anything,” he says of the digital economy in general and Bakkt’s digital marketplace in particular.

    Michael continued, ”

    “Obviously, bitcoin is a digital asset for us, but so are loyalty points, rewards points, gift cards, and even cash.”

    Directly pay vendors

    Consumers can convert their holdings into digital wallets or pay directly with points at merchants using the Bakkt platform of services, which operates on a B2B2C paradigm. Customers can access the digital asset marketplace through Bakkt’s app or application programming interfaces (APIs), which include loyalty, redemption, and payment features.

    Financial institutions and merchant partners can use the platform to expand into new areas and offer new products at scale, as well as benefit from regulatory clarity, improved price discovery, and improved risk management.

    When speaking with their Bakkt clients about the latest digital interactions, Michael noted, “It’s about forging new forms of engagement, but it’s also about acquisition and growth.”

    Finally, according to a PYMNTS survey from May, 57 percent of bitcoin owners indicated they have made a transaction with it in the previous year, demonstrating that the barriers to storing wealth are being breached.

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