Bakkt, a digital asset custodian, has partnered with tech-giant Google in a surprise collaboration. The partnership will enable millions of consumers to use their digital assets to purchase various goods or services. This collaboration allows for Google to extend its reach to the evolving customer demands and, in turn, helps in the usability of digital assets such as bitcoin.
The US digital assets platform took to its Twitter account to announce the unexpected partnership with Google on October 8. The tweet read, “Bakkt Partners with Google to Introduce Digital Assets to Millions of Consumer.” Attached to the tweet was a statement from Kristen Kliphouse, Google Cloud President of North America, regarding the partnership.”We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by Google technologies.”
Kliphouse also mentioned that Google is at the forefront of accelerating g=digital commerce.
“… 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,”
said Bakkt CEO Gavin Michael
The Partnership: Google and Bakkt
As a result of the collaboration, by adding onto Google Pay their (‘Bakkt Card’) virtual Bakkt debit card, Bakkt users will be able to make purchases in places that accept Google Pay. These purchases can be done online and in-store. Digital assets such as bitcoin will then be converted to fiat currency to facilitate payment of purchased products.
Apart from the partnership in the accessibility of cryptocurrencies, Google will also be Bakkt’s cloud service. The Bakkt App will use Google Cloud tools to better its functions, such as geolocation, machine learning, and artificial intelligence. The Google Cloud tools will also aid in the building of the platform’s analytics. In addition to all these, Bakkt will market powered Google Cloud solutions to entrepreneurs and retailers in the US.
This unexpected collaboration, however, has received some mixed reactions. On one hand, markets are excited about the new direction Google is taking and what this could mean for the assimilation of digital assets into consumers’ day-to-day lives. On the other hand, others view the collaboration by Google as a hypocritical move. Google in the past, tried to curtail the spread of Bitcoin content, with some YouTubers getting banned for simply mentioning Bitcoin.
It is exciting to see the dawning of a new age for digital assets regardless of the mixed reactions. Bakkt is just one of several cryptocurrency platforms to add Google Pay. In August, Bitpay, a Bitcoin payment service provider, incorporated Google Pay for its US cardholders. In June, Coinbase also announced adding Apple Pay and Google Pay for its cardholders. Gemini has also joined in the fun, permitting its users’ purchase crypto in collaboration with Apple Pay and Google Pay.
More on Bakkt
Intercontinental Exchange, parent company to New York Stock Exchange (NYSE) launched Bakkt in 2018. Consumers can spend, sell or buy digital assets. Bakkt released a payments app, Bakkt App, to amplify consumers’ spending while reducing payment costs. Bakkt’s headquarters are in Alpharetta.