Bakkt Inks Deal with Google Use Cryptocurrency for Real Time Transactions

This partnership will focus on the over-all crypto and online payment sector in the US.

By Radhika Parashar | Updated: 11 October 2021 11:49 IST

Bakkt Inks Deal with Google Use Cryptocurrency for Real Time Transactions

The partnership also entails Bakkt using Google Cloud as well

Highlights

The deal was inked over the weekend on Saturday, October 10
The partnership will enable everyday purchases with crypto
This deal has been made for the US for now

Google and US-based crypto marketplace Bakkt have entered into a fresh partnership. The two companies announcrd the deal on Sunday, October 10. As part of this agreement, nearly 10 million Bakkt users will be able to link their virtual Visa debit cards with Google Pay and purchase goods and services online, using cryptocurrencies like Bitcoin. Once the Bakkt cards are linked to Google's payment services, cryptocurrencies will get converted into the government-backed fiat currency seamlessly whenever making payments.

Earlier this year, Bakkt released its own Visa Debit Card to enable crypto-based transactions for its users. With this card's integration with Google Pay, when a Bakkt user pays for something via cryptocurrency, the monetary value associated with the good or service will be converted into fiat for the transaction.

As per Gavin Michael, the CEO of Bakkt, the partnership with Google Pay will allow people to “enjoy their digital assets in a real-time, secure, reliable manner”.

Bitcoin Not Gold Is the Better Hedge Against Inflation, Says JP Morgan

As part of the partnership, Bakkt will also be using the Google Cloud as its could services provider to wire its services to crypto-associated retailers and merchants around the US.

This new crypto-supporting deal in the US comes at a time, the country is exploring ways to explore the world of virtual currencies.

Earlier last week, US-based theatre chain AMC added Dogecoin to the list of cryptocurrencies that it was accepting as a payment method alongside Bitcoin and Ether.

In a recent report, the Bank of America (BofA) also said that the industries backed and based on cryptocurrencies have witnessed a major global explosion, making the space “too large to ignore”.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: cryptocurrency, Google, Google Pay, bakkt

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More