Bakkt Trust Company LLC (by Intercontinental Exchange Inc.) has announced its partnership with Google. The Bakkt-Google partnership is meant “to introduce digital assets to millions of consumers.” Bakkt, working towards letting users use their digital assets conveniently, released the following statement:
Consumers will benefit from expanded reach and access to digital assets.
Bakkt further explained that users can now add their own virtual Bakkt Visa Debit Card into their respective Google Pay accounts. By doing so, users will be allowed to purchase everyday goods and services online, in-store, or at any Google Pay accepting retail or merchant outlet in the U.S. Bakkt further stated that trading execution would involve cryptocurrencies to be first converted to fiat currency for a successful initiation of payments.
In addition, Bakkt states it selected ‘Google Cloud’ as a preferred cloud provider to enhance its services. Bakkt’s Google Cloud-powered solutions will be marketed to various leading retailers and merchants in the U.S. Bakkt plans to leverage Google Cloud’s tools in building new analytics alongside AI, ML, and geolocation functionality on its own platform.
Bakkt’s CEO, Gavin Michael states:
This partnership maybe a testament to Bakkt’s strong position within the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner.
Bakkt Trust Company LLC, launched in 2018 by Intercontinental Exchange Inc., enables various institutions and consumers to participate in buying, selling, transferring and even spending their digital assets, even Cryptocurrencies. Bakkt Trust Company is a Bakkt Holdings, LLC subsidiary. It is a State of New York-licensed bitcoin custody provider. Bakkt Trust Company is registered and complies with applicable regulations and guidance of the Financial Crimes Enforcement Network (“FinCEN”).