Popular Bitcoin derivatives platform, Bakkt has unveiled its plans to launch a cryptocurrency consumer application next year.
Bakkt revealed the development via a blog post. It explained that the consumer-facing app works to help retail customers carry out cryptocurrency transactions.
Accordingly, the project contributes to Bakkt’s long-term vision of “building trust in digital assets.” The post by CPO, Mike Blandina said: “Bakkt’s formation majorly upholds the recognition that digital assets hold tremendous opportunity. Therefore, creating the need for trusted, compliant infrastructure to build confidence and efficiency for merchants. As well as, consumers and institutions to participate more actively.”
Furthermore, Blandina gave hints that the proposed application might support other cryptocurrencies aside from Bitcoin. Quoting him: “A key feature of the model we’ve designed aims at supporting a superset of digital assets. This includes making crypto transactions as seamless as investors transacting in stocks in a retail brokerage account.”
“Our vision includes providing a consumer platform for managing a digital asset portfolio. This involves allowing consumers to store, transact, trade or transfer their assets. The goal to innovate at the intersection of digital assets and payments solidified my decision to lead the team’s payments. Also its technology efforts,” he emphasized.
What can users expect from the app?
The post also revealed potential areas where digital assets improve the application.
Firstly, the digital asset infrastructure. The application works on reducing friction in the use of cryptocurrencies. Thus, reflecting their aggregate value and the increase in purchasing power that was previously siloed.
However, for merchants, the enterprise-grade infrastructure provides a new form of payment acceptance at a lower cost per transaction. As well as faster settlement times and driving efficiencies compared to existing workflows.
Secondly, the marketplace section. The proposed mobile application makes it easy for consumers to discover and unlock the value of digital assets. Additionally, users can transact or track them. Hence, traders gain access to a wider range of customers with higher spending power.
Thirdly, the application maximizes control as the application offers consumers the ultimate control over their digital assets. Concurrently, it makes the usage flexible.
Besides, Bakkt plans to give traders more control over costs and innovative customer engagement. Therefore, releasing more capital and supporting a direct relationship with their customers.
Finally, Bakkt offers its customers secure technology, privacy, and innovative solutions. Therefore, making the platform attractive to consumers who are not part of the crypto community. It also allows traders to make transactions without any extra risks.
Importantly, these efforts amount to supporting and ensuring broader acceptance, which is as the main mission of the Bakkt.