Bakkt to launch crypto consumer app in 2020

Bakkt is planning on launching a crypto consumer app to assist retail investors in making trades through digital assets. The news was announced in a blog post this Monday.

Bakkt’s crypto consumer app

Bakkt’s chief product officer, Mike Blandina, stated that the company is currently working to develop an application that would allow users to access their virtual currencies for purchasing goods from vendors.

Blandina wrote that the crypto consumer app would allow users to utilize the liquidity of virtual assets. The app would realize the actual “value of digital assets.” This would also unlock various new methods of exchanging coins and tracking trades. Merchants would gain access to a broader range of customers and will be able to increase their earnings.

He hinted that the app might support not only Bitcoin but also various other assets. This would be a different approach than its platform that only supports Bitcoin options trading.

He highlighted that the app is designed to support a superset of digital assets in a high liquidity environment. The model is as fluid as investing “in stocks in a retail brokerage account.” He stated that the company’s aim was to provide a “consumer platform” that would enable users to manage their digital assets while allowing them to “store, transact, trade, or transfer their assets.”

During the launch of Bakkt, the Intercontinental Exchange’s (ICE) objective was to provide retail experience to its partnering companies that include Starbucks. The recent announcement noted that Starbucks would become Bakkt’s first launch partner when the app goes online next year.