Bakkt will also use Google’s cloud infrastructure to host a number of its proposed market solutions as part of the partnership.
Bakkt, a digital asset trading firm based in Atlanta, Georgia, has announced a new partnership with Google, a subsidiary of Alphabet Inc (NASDAQ: GOOGL), to bring digital currency to more users around the world via Google Pay. According to the company, the collaboration with Google will help extend the reach and usability of cryptocurrencies in order to meet rapidly changing consumer demand and preferences.
The total market capitalization of $2.31 trillion reflects the growth of the digital currency ecosystem today. While the total number of investors, both retail and institutional, who have an active investment in the nascent asset class is increasing by the day, so are those who are planning to adopt Bitcoin and other cryptocurrencies.
With widespread adoption, many investors, particularly retail holders, are demanding greater utility from their assets. Bakkt and Google’s collaboration will significantly help bridge this gap. Bakkt users will be able to use their virtual Bakkt® Visa® Debit Card (“Bakkt Card”) in Google Pay to purchase everyday goods and services online, in-store, or anywhere Google Pay is accepted as a result of the partnership.
“This partnership demonstrates Bakkt’s strong position in the digital asset marketplace, enabling consumers to enjoy their digital assets in real-time, secure, and dependable fashion,” said Gavin Michael, CEO of Bakkt. “Partnering with Google Cloud will also allow us to continue to build a best-in-class, innovative platform that can unquestionably scale to meet the needs of millions of users.”
For these payments to take place, volatile digital assets such as Bitcoin will be converted to fiat currency, according to the announcement. This will protect merchants from any losses that may occur as a result of holding digital currencies.
Bakkt will use Google’s cloud infrastructure in addition to Google Pay.
Bakkt will also use Google’s cloud infrastructure to host a number of its proposed market solutions as part of the partnership. The trading platform intends to develop new analytics, as well as artificial intelligence (AI), machine learning (ML), and geolocation functionality, on its platform in order to extract deep, location-aware business insights using Google Cloud’s industry-leading tools.
These plans will benefit all parties involved, as Bakkt’s clients will gain deeper insights and expanded loyalty redemption options, and the exchange’s partners will gain access to actionable consumer behavior patterns powered by Google Cloud infrastructure.
“Google Cloud has been at the forefront of accelerating digital commerce, powering many retailers and merchants,” said Kirsten Kliphouse, North America President of Google Cloud. “We are honored to assist Bakkt in accelerating and scaling the availability of their innovative solutions, which are powered by our technologies.”
The collaboration between Google and Bakkt is a complementary development in big tech companies’ embrace of blockchain startups. ULTCOIN365 reported earlier this month that Ethereum is now hosted on Amazon Managed Blockchain, enhancing the decentralized capabilities of the ETH network.