Today Bakkt, a Bitcoin and crypto marketplace and custodian, announced a partnership with Google to extend the “reach and usability of digital assets to meet rapidly evolving consumer demand.”
Bakkt users will now be able to add their virtual Visa Debit cards into Google Pay to purchase goods and services in-store and online, wherever Google Pay is accepted. Bitcoin payments will be converted into fiat to make these purchases.
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” commented Gavin Michael, Bakkt CEO.
He continued, “Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.” The potential reach of the partnership is perhaps the most notable aspect for the Bitcoin network, which has enjoyed a surge in corporate and institutional interest over the past year.
Kirsten Kliphouse, Google Cloud President of North America said, “Google Cloud has been at the forefront of accelerating digital commerce, powering many retailers and merchants.”
“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”
While this partnership may not be the ideal payments solution Bitcoiners are looking for, as they will have to liquidate their Bitcoin for fiat before making transactions, rather than just spending it or transacting it seamlessly over lightning, it is a notable indicator of commercial interest in Bitcoin and the growing demand for Bitcoin payments solutions by traditionally fiat institutions.