Bakkt Inks Deal with Google Use Cryptocurrency for Real Time Transactions

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”.

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”.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.