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Bitcoin (BTC) Platform Bakkt Boosts Institutional Investor Base, Tests Starbucks Integration

May 18, 2020

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Bakkt, the Bitcoin trading, spending and storing platform backed by Intercontinental Exchange, says its business is growing despite the global economic recession.

In a new blog post, the company says 70 institutional investors are storing their BTC using Bakkt Warehouse, an insured crypto custody solution launched in November of last year. The firm says it has partnered with insurance broker Marsh to offer clients more than $500 million in additional insurance coverage.

Bakkt says it’s also teaming up with two big, unnamed financial institutions that plan to leverage its Bitcoin loyalty and rewards product.

“Earlier this year we acquired Bridge2 Solutions, a leader in the loyalty space. This suite of enterprise loyalty and merchant products has powered the redemption of more than 1.5 trillion points, helping companies put loyalty points to work for consumers.

We recently partnered with two of the largest financial institutions, leveraging these products to enable an additional 30+ million consumers to redeem their points for travel, merchandise, and gift cards through our platform.”

The company’s partnership with Starbucks is also moving forward. A “Bakkt Cash” option is now live on the Starbucks app in the first phase of Bakkt’s push to bring crypto payments to the coffee giant.

Bakkt says it’s also fleshing out its standalone app. The app is designed to give consumers a way to store and spend cryptocurrency while earning loyalty points such as airline miles.

The firm has not released a launch date but is planning an early access roll out.

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