Bakkt Announces Peer-to-Peer Funtionalities on Bitcoin App

Bakkt Holdings has introduced broader Peer-to-Peer (P2P) capabilities that enable Bakkt users to send bitcoin, gift cards and cash to anyone, including those not currently using the Bakkt App.

Gavin Michael, Chief Executive Officer at Bakkt, said: “We are excited to introduce our P2P to anyone capabilities to broadly expand consumer payment options in the digital asset space.

“Bakkt has aimed to provide the app, marketplace and payments infrastructure to make all digital assets transactable, and this new functionality welcomes everyone to have a frictionless digital experience to send and receive bitcoin, gift cards or cash to anyone.”

The Bakkt App provides users with a single wallet to manage their digital assets and makes P2P payments with cryptocurrency a seamless experience. To take advantage of this new feature, make sure you’ve downloaded the latest version of the app and select Send from either the Crypto, Gift Card, or Cash screens in the Bakkt App.

By empowering users to track, spend and send digital assets, the Bakkt App enables consumers to understand the full scope of their digital assets to unlock their greater value, while giving merchants and loyalty program sponsors deeper customer engagement and a lower cost of payment acceptance.

Launched by Intercontinental Exchange, Inc. in 2018, Bakkt’s platform taps into ICE’s ability to create a secure and regulated market infrastructure for users to safely transact all forms of digital assets in one place, as opposed to separate siloed apps for individual types of assets.

Bakkt takes a broad view of digital assets and intends to aggregate all digital assets into a single digital wallet, making them as liquid as any fiat currency.

The New York State Department of Financial Services (DFS) has recently approved the application of Bakkt Marketplace for virtual currency and money transmitter licenses. The Bakkt Marketplace will be authorized to offer its cryptocurrency offering to New York residents.

The Bakkt App is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs. The firm saw over 500,000 users participate in its invitation-only Early Access Program. The digital wallet was launched earlier this year.

The ICE exchange’s cryptocurrency business Bakkt is to go public, however, it will not do so through a traditional IPO. Instead, it will reverse into a blank cheque company or SPAC, despite ICE being the owner of the New York Stock Exchange which hosted many of 2020s most successful IPOs.