In 2018 and 2019, Bakkt was one of the most hyped-up companies in the cryptocurrency space.
The company in the depths of the bear market revealed that they would be launching a Bitcoin futures contract for Wall Street, sparking assertions that crypto was going to spring back into a bull market.
In September of last year, the long-awaited product from Bakkt, which then had been backed by the Intercontinental Exchange, coffee chain giant Starbucks, and Microsoft’s venture capital arm, launched.
Since then, the futures and the options now based on the futures have seen strong adoption from institutional Bitcoin traders across the world.
With the company having successfully launched and spurred the adoption of Bitcoin financial vehicles, many have been wondering what’s next for Bakkt?
According to a recent tweet and press release from the company, a fintech app, verifying previous rumors that the company would pursue bringing crypto and other digital assets mobile after the launch of their flagship Bitcoin futures.
Crypto Upstart Bakkt Confirms (Some) Details of App
On Wednesday, Bakkt published the below tweet, confirming some details of its upcoming app project, which has been hinted at for a while now.
Per the tweet, the app will “aggregate cash, crypto, rewards and game points, and will enable consumers to make purchases or transfer money to another person using a variety of digital assets.”
This came shortly after Bakkt’s president, Adam White, mentioned this premise at an event in Davos.
Although other details were scant, the image posted alongside the message shows a fairly sleek app in which one’s “in-game” assets, rewards, cash, and crypto are all stored in one app.
The image also included sections like “Bakkt Card,” “transactions” and “more,” suggesting that the company may soon allow one to pay for products using digital assets.
The Bakkt app aggregates cash, crypto, rewards and game points, and will enable consumers to make purchases or transfer money to another person using a variety of digital assets
— Bakkt (@Bakkt) February 5, 2020
The release of this tweet came alongside news that Bakkt has decided to acquire Bridge2 Solutions, “a leading provider of loyalty solutions for merchants and consumers.”
The deal amount was not disclosed, though the company said that this move would be funded by Bakkt’s Series B round, which has yet to close.
Starbucks Involvement Still Up in the Air
As aforementioned, Starbucks is one of the primary funders of Bakkt.
The thing is, little is known about the giant coffee firm’s involvement in the crypto-centric upstart, save for this one post from industry outlet The Block.
The outlet reported that Bakkt is working very closely with Starbucks, with a source saying that the restaurant chain has managed to secure a substantial stake in Bakkt in return for “commitment to allow Bitcoin payments in store in 2019”.
The post suggested that Starbucks, should it go through with this deal, would not accept Bitcoin proper, but would instead convert it to fiat seemingly via software from Bakkt.
Mike Novogratz of Galaxy Digital, who is also heavily involved in Bakkt, embraced the news last year.
Responding to a report on the subject matter, he claimed that Starbucks’ potential acceptance of cryptocurrencies is a “big deal” as it shows that the mainstreaming of crypto is coming.
It isn’t clear if Starbucks will be going ahead with its seeming intent to accept Bitcoin payments in-store through a Bakkt mechanism, though many say it would be extremely bullish for cryptocurrency if the fast-food chain did go ahead with that.
Whatever the case, Bakkt CEO Kelly Loeffler has said Bakkt’s mission is to become a “scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility.”