2020 Calling! Bakkt Reveals Consumer-Focused Product Details, Not Just for Cryptocurrency Payments

Intercontinental Exchange (ICE)'s bitcoin futures trading platform Bakkt, has recently been overshadowed by the enthusiasm for bitcoin options on the CME. The president of Bakkt unveiled details this week about consumer app products for 2020.

• Bakkt to Launch Consumer-Facing App in 2020
• The app may support cryptocurrencies, stocks, and reward points

Adam White, President of Bakkt, announced a major development plan at a financial innovation forum in the United States this week. He stated that the upcoming consumer app from Bakkt will treat any form of digitized valuable assets, including cryptocurrencies like Bitcoin, as assets, which also includes reward points and stocks.

This product will resemble more traditional fintech products like PayPal, rather than products like Flexa supported by Gemini exchange, which is geared towards retail transactions with cryptocurrencies.

Since its establishment, Bakkt has primarily focused on institutional products, including Bitcoin futures, options, and custody services. CEO Mike Blandina had previously mentioned plans for a "consumer app" in a blog post last year, and had conducted testing in partnership with Starbucks. The recent statement by Bakkt's President reveals more details about the product.

Related Reading

• Bakkt's physically-settled Bitcoin futures launched with tepid market response
• CME Group to launch Bitcoin options contracts tomorrow! JPMorgan Chase observes: Will impact traditional financial institutions

Join now to receive the most comprehensive financial technology information, blockchain insights, and industry examples!