Bakkt, supported by Intercontinental Exchange (ICE), is intending to develop a digital asset wallet. The aim is to allow users “to store, send, and spend any digital asset as easily as if it were cash.”
Adam White, president of Bakkt, tweeted on Bakkt Digital Wallet
Bakkt to use Bridge2 Solutions
This Bakkt Digital Wallet will be completed by integrating Bridge2 Solutions. The Bridge2 solutions has just been acquired by ICE. Bridge2 serves many of USA’s most comprehensive loyalty reclamation sites, which include a consolidated sum of $60 billion rewards. These are things such as airline points, travel, electronics, and a hotel in Orlando. Bakkt plans to keep growing its prevailing business with important sponsors.
Jeff Sprecher, the founder, chairman, and CEO of Intercontinental Exchange told Fortune,
“The legacy payments infrastructure is ripe for disintermediation. The Internet should make it possible to create a direct payment system that doesn’t use a third-party set of rails. It hit us that making rewards cash-like would be a step in that direction.”
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Bridge2 is testing a pilot program
Bridge2 is testing a pilot program named Loyalty Pay. This will allow sponsors to dispense a digital credit card. This will give the merchant’s brand, which would transform rewards into cash.
According to Fortune, the app would start to the spread of a credit card accepted in all stores that already accept Google Pay or Apple Pay. This would not appear in any difference for merchants.
The app contains four sections:
- Game points (for Xbox or Microsoft)
According to Bridge2, Loyalty Pay is looking for widespread recognition among supporters and should start in the next few months.
Bakkt’s difficulty is to convince merchants how they can manage their savings. Instead of spending the exchange fee of around 2.5% that belongs to banks, credit card firms. Companies will give clients altering dollars per point based principally on how suitable someone is to cash in. If a regular business passenger utilizes around 90% of his or her rewards, the airline might pay 2.5 cents per point.
Bakkt was announced in August 2018 as “a scalable on-ramp for institutional, merchant and consumer participation in digital assets.” The platform is promoted as an “open platform” for “digital assets beyond global exchanges and business,” and was, in a bit, hurled as an answer for day-to-day crypto debts for traders.