Bakkt Inks Deal with Google Use Cryptocurrency for Real Time Transactions.
Google and Bakkt, a cryptocurrency exchange based in the United States, have announced a new partnership. The merger was announced on Sunday, October 10 by the two companies. As a result of this collaboration, approximately 10 million Bakkt users will be able to link their virtual Visa debit cards with Google Pay and buy items and services online using cryptocurrencies like Bitcoin.
When the Bakkt cards are linked to Google's payment systems, cryptocurrencies will be automatically converted into fiat currency supported by the government whenever payments are made.
Bakkt released its own Visa Debit Card earlier this year to enable crypto-based transactions for its users. When a Bakkt user pays for something with this card and Google Pay, the monetary value connected with the good or service will be translated into fiat for the transaction.
The partnership with Google Pay, according to Gavin Michael, CEO of Bakkt, would allow users to "enjoy their digital assets in a real-time, safe, and dependable manner."
Bakkt will also use Google Cloud as its cloud services provider to wire its services to crypto-related retailers and merchants across the United States as part of the agreement.
This new crypto-supporting agreement in the United States comes at a time when the government is looking into ways to learn more about virtual currency.
AMC Theatres, based in the United States, added Dogecoin to the list of cryptocurrencies it accepts as a payment mechanism earlier this week, joining Bitcoin and Ether.
The Bank of America (BofA) recently stated in a research that the businesses backed and based on cryptocurrencies have experienced a massive global growth, making the space "too large to ignore."
The cryptocurrency is an unregulated digital currency that is neither legal tender nor subject to market volatility. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other type of advice or recommendation of any sort offered or endorsed by. We shall not be liable for any losses arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.