Bakkt, which is the cryptocurrency initiative of the New York Stock Exchange and its owner, the Intercontinental Exchange (ICE), is in the latest cryptocurrency news for unveiling plans for a crypto app. In fact, the startup’s app is seen as a Bitcoin futures vehicle – but a report states that the company may also be working on much more than futures, boding well for the development of the ecosystem in general.
A recent report from a trade publication named The Block shows that Bakkt signed a former Google contractor named Chris Petersen in its team. The UX consultant is definitely associated to the plans of designing a crypto app and as Bakkt said, is “a person familiar with the situation.”
Many analysts featured in the best cryptocurrency news sites claim that he is likely working on a wallet dubbed “Bakkt Pay.” Earlier this year, the company has been hiring a lot, as seen in the “Careers” page on its website. One job listing, for example, has been the one where Bakkt was seeking a mobile app developer, again sparking discussion about the potential crypto app development.
Sources close to The Block say that the release of the long-awaited financial vehicle will also require the crypto platform to launch the mobile application. Not many details were given about this, but the altcoin news show that Bakkt’s recently updated website mentions digital payments.
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets,” an excerpt related to the crypto app plans Bakkt.com reads.
Another interesting fact is that Bakkt appears in the latest cryptocurrency news months after it broke the news that is working closely with Starbucks to “commit” and allow Bitcoin payments in store in 2019.
The software, which is probably going to be Bakkt Pay, will facilitate these payments, which will be converted from cryptocurrencies into fiat currencies. This means that Starbucks will be taking no direct risk to ensure that it will be keeping its balance sheets clear of this asset class.
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