Crypto exchange Bakkt said its virtual Visa debit card is now available for use on Google Pay online and in stores.
- Cryptocurrency balances will be converted to fiat to enable transactions to occur, Bakkt said in a statement Friday.
- Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out Apple Pay and Google Pay support for its Coinbase Cards earlier this year.
- The Alpharetta, Ga.-based company, which last month received approval to go public from the U.S. Securities and Exchange Commission, also said it will use Google Cloud as its preferred cloud service as it develops artificial intelligence and machine-learning capabilities.
- Bakkt will build new analytics and geolocation functionality on its platform utilizing Google Cloud tools as well, Bakkt said. Insights generated will expand loyalty redemption options for customers and provide Bakkt partners with consumer behavior data.
- “This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” Bakkt CEO Gavin Michael said in a press release. “Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
UPDATE (Oct. 8, 14:38 UTC): Adds analytics plans, CEO quote, Coinbase context.
UPDATE (Oct. 8, 15:39 UTC): Adds that card is available now on Google Pay.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.