Per a press statement on October 8, the cryptocurrency startup Bakkt, which is owned by the Intercontinental Exchange, has formed a relationship with the Mountain View-based computer giant, Google. With the agreement, Google Pay has expanded its functionality to include compatibility for Bakkt’s digital Visa card, which was released in June.
The card allows users to make purchases of products and services using Bitcoin or fiat balances on their accounts. Furthermore, Bakkt will make use of the abilities of Cloud Servers in order to build innovative insights driven by advanced analytics, among other things. As stated by Bakkt CEO Gavin Michael, the collaboration illustrates the company’s excellent competitive advantage in the industry: “This alliance is proof of Bakkt’s solid position in the cryptocurrency global market, empowering customers to experience their assets in a real-time safe and dependable fashion.”
Mike Blandina, a Google veteran who previously served as the company’s chief product officer, was hired by Bakkt in April 2019 and then promoted to the position of CEO. Blandina left Bakkt in April to join the banking behemoth JPMorgan.
Earlier in the month, Bakkt, which is scheduled to go public later this month through a SPAC merger, launched a consumer mobile wallet for a range of electronic assets.
The Bakkt SPAC Merger
Bakkt Corporation and VPC Impact Acquisition Holdings (VIH) got approval from the Securities and Exchange Commission of the United States to finalize their merger and move forth with intentions to function as a single publicly traded entity, according to a statement from the firms. The VIH stakeholders will convene on October 14 to vote on whether or not to ratify the merger, according to the corporations.
Bakkt, a cryptocurrency exchange that is majority-owned by Intercontinental Exchange (ICE), has been trying to go public through a merger with VIH, a special purpose acquisition company (SPAC), for quite some time already. Victory Park Capital is a company that is linked with VIH.
In a statement, Bakkt CEO Gavin Michael expressed delight at having reached this landmark and expressed hope that the suggested partnership business with VIH would be completed successfully. He also noted that the company stayed “enthusiastic about the distinctive development opportunities in front for our firm” and that the business stayed “laser-focused on advancing our view of integrating the digital infrastructure.” The firms first disclosed their desire to merge and go public with Bakkt in January.