Intercontinental Exchange’s (ICE) startup crypto exchange subsidiary, Bakkt, recently revealed that its upcoming retail-focused cryptocurrency app will feature loyalty and game reward points.
According to a blog post by Bakkt’s president, Adam White, Bakkt plans to make “digital assets like airline miles, loyalty points and cryptocurrencies more accessible, useful, and trusted.”
Toward this end, Bakkt recently acquired Bridge2 Solutions, a consumer loyalty startup that has powered more than $1.5 trillion in rewards points for its clients. Additionally, Bakkt has been forming partnerships and onboarding institutions to the firm’s custody solution, Bakkt Warehouse. The most notable being the partnership with Starbucks, which will undoubtedly be one of the first testing grounds for Bakkt’s retail app.
While it’s still unclear which stores and companies will be part of the rewards system, it’s clear that points, and the ability to convert them into crypto, cash or other rewards, are key to the new app.
To track these reward points, users will need to connect the app to their other digital asset accounts. “Bakkt is your new digital wallet,” reads the website. “It’s the one-stop shop to manage all of your accounts.”
From there, users will be able to control their entire digital asset portfolio, with features like instant liquidity (sell your portfolio in one click) and crypto trading on Bakkt’s platform.
Notably, the app will also track game rewards and points, ostensibly giving users the ability to earn money playing games. While the success of this will likely depend on the games and game accounts the app supports, blockchain or otherwise, it’s clear that Bakkt plans to target the gaming demographic with the new app.
With Bakkt’s focus on security and custody, it will be interesting to see whether current crypto users, often particularly wary of trusting applications, will be willing to trust a single app with the keys to their many other accounts.
More: Bakkt’s Blog Post
Related: Steam loyalty rewards program leaked by data miners
Image: Jim Makos / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
