Google Play will instantly convert the Bitcoin to USD to make payments using the Bakkt asset custody and exchange platform. The service will be available initially in the United States of America. Bakkt will be the Company allied to Google for these Cryptocurrency payments.
Bakkt, a digital asset custody and exchange platform, have partnered with Google to enable its customers to make online purchases with cryptocurrencies. The service will only work for the United States at the moment, and users will be able to use a Bakkt Visa debit card in all stores that accept Google Pay.
The alliance’s goal is to expand the reach and usability of digital in providing services for the purchase, sale, shipment, and storage of cryptocurrencies, such as bitcoin, to both individuals and institutions.
Galvin Michael, the CEO of Bakkt, stated that this partnership proves the Company’s strong position in the cryptocurrency market. He maintains that the initiative will allow consumers to train in this ecosystem and “enjoy their digital assets in a reliable, secure and real-time manner.”
It is worth clarifying that, within the same application, bitcoin payments will go through an automatic settlement to USD to make each purchase, meaning that payments cannot be paid directly with bitcoin, for example. Still, the currency will be quoted and converted at the day’s exchange rate to carry out the operation.
Bakkt will use Google Cloud and Google Pay
The startup also confirmed that it had selected Google Cloud as its official cloud provider to market digital solutions aimed at retailers and merchants. Galvin Michael believes that this decision will allow them to “continue to build the best innovative platform in its class.”
The CEO says he does not doubt that his exchange “can scale to meet the needs of millions of users.” This technology will collect user geolocation and behavior data to offer them a more personalized experience and benefits, such as exchanges for their loyalty.
Kirsten Kliphouse, President of Google Cloud North America, said: “We are proud to help Bakkt accelerate the reach of its innovative solutions, powered by our technologies.”
This partnership is another initiative that demonstrates the commercial interest in joining cryptocurrencies to payment systems. It doesn’t just happen in the United States. It also occurs in the Spanish-speaking market. For example, this is the case of Binance, which offers a prepaid bitcoin debit card in Spain, or Buenbit, which does the same in Argentina.