Just In: Bakkt’s New App to Allow Conversion of Loyalty Points to Crypto and Cash

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Ledger Bakkt By Prashant Jha Published December 15, 2020 Updated December 15, 2020

Bakkt, the New-York Stock Exchange backed crypto startup which provides physically-settled bitcoin futures and choices contract has introduced an all-in-one monitoring app for shoppers, the place one can monitor loyalty factors, present playing cards or some other type of digital rewards. The new service would enable customers to convert their rewards and loyalty factors for money and even each other.

Loyalty memberships and digital rewards have develop into a core half of the advertising technique and by one estimate there are over 3 billion members of varied loyalty packages provided by quite a few corporations. However, most of these rewards usually are not interconvertible, for instance, the bank card rewards can not essentially be used as a coupon for Air journey and vice versa. This makes it extraordinarily troublesome for people to maintain monitor of their digital reward portfolio.

Bakkt estimates the digital belongings market to be over $1.2 trillion, based mostly on information encompassing loyalty packages, cryptocurrency markets, present playing cards, and online game digital belongings, amongst different classes.

Bakkt Aims to Create Liquidity For a Variety of Loyalty Programs

There are a whole lot of loyalty membership packages and thousands and thousands of prospects utilizing it in a technique or one other, nevertheless, the trade is scattered with little to liquidity choices. Bakkt desires to create a enterprise mannequin based mostly on liquidity for loyalty factors and different related digital rewards. The crypto startup has already partnered with a quantity of corporations providing loyalty factors and digital rewards which embrace the likes of credit-card suppliers equivalent to American Express and Chase; eating places equivalent to Chipotle; and airways equivalent to JetBlue.

The new app is at present reside however solely to a specific few members the place it collects the digital portfolio of the customers together with their bitcoin holdings and different loyalty program factors.

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Adam White, the President of Bakkt whereas speaking in regards to the new client app revealed that they goal to make customers ‘asset agnostic,’ and defined,

“All these totally different siloed belongings that every have the market infrastructure to them, and in a manner that turns into asset agnostic for our customers, permitting them the flexibility to purchase, promote, ship, obtain, and pay with any of these belongings as in the event that they had been money,”

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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