Bakkt users excited as new Visa debit card is unveiled | Invezz

Digital asset marketplace Bakkt Holdings has launched a new Visa debit card for users to buy everyday items using digital currency.

The debit card will enable users to buy items in-store or online wherever Google Pay and Apple Pay are accepted, according to the press release by the company.

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Bakkt Chief Executive Officer Gavin Michael commented on the rollout, saying that the Bakkt debit card will provide ease of purchase for the users. He stated,

As we continue Bakkt’s journey, our goal first and foremost is to offer more choice for consumers.

All Bakkt Users Are Eligible To Apply For The Card

Michael added that users are no longer going to wait until the transfer to their banks after selling. Rather, they can simply use their Bakkt card to buy the item they want to buy without any delays or long processes.

He also stated that some rewards customers will soon have the same flexibility.

The press release also noted that all Bakkt customers are eligible to apply for the Bakkt Card and they can do it via the Bakkt App.

When their application receives approval, they can start spending cash (USD) and Bitcoin funds from their Bakkt App account immediately.

This means that there is no need to convert their Bitcoin before purchasing items online or in stores.

Investing or holding Bitcoin without transaction fees

The increased adoption of Bitcoin and other cryptocurrencies has intensified peoples’ desire to spend their crypto holdings in their wallets. Bakkt says it has enabled real-world spending and allows users to invest or hold Bitcoin (BTC/USD) without transaction fees.

In another development, Visa and PayPal have invested in the new venture fund by Blockchain Capital as the company raised $300 million.

Visa and PayPal have shown increased interest in the crypto market recently, but both companies are still new to crypto VC.

Although they have invested in some crypto startups individually, it will be the first time they are teaming up to support a particular company.