In the ongoing development of the crypto world, another significant innovation is expecting to be added soon. An expecting blockchain-based app could convert millions of American rewards point to cryptocurrencies like Bitcoin and Ethereoum (link)
Jeff Sprecher, The founder, and CEO of the Bakkt operator Continental Exchange(ICE) told Fortune “The Internet Should Make it possible to create a direct payment system that doesn’t use a third-party set of rails. It hit us that making rewards cash-like would be a step in that direction”
According to a statement issued this week, ICE agreed to acquire Bridge2 Solutions, an end to end loyalty solution provider to consumers as well as merchants and retailers. This strategic acquisition of Bridge2Solutions by ICE will accelerate the development of the Bakkt Consumer Application. It will offer an integrated one-stop platform to aggregate all types of digital assets, reward points, and payments for consumers worldwide. Moreover, in the details shared by Fortune, Bridge2 handles a range of largest sites of loyalty redemption platforms, and it can hold a total of 600 billion USD ready-to-go rewards.
In a tweet shared by Bakkt official twitter handles, the company has given an overview of the versatile use of this new digital wallet. This new wallet would be capable of collecting the rewards earned in the form of different cryptocurrencies, game and reward points. Also, it has the feature to use these aggregated rewards points to purchase or transfer as digital assets to another person.
The Bakkt app aggregates cash, crypto, rewards and game points, and will enable consumers to make purchases or transfer money to another person using a variety of digital assets
— Bakkt (@Bakkt) February 5, 2020
This will enable users to make purchases directly with the app using Bitcoin or cash but also the hassle-free transfer of money from one category to another.
This initiative is focusing mainly on the large young population through exciting reward programs. The CEO indicated about the increased use of cryptocurrencies as an incentive and reward and its mass adoption by the loyalty reward solution provider platforms.
This project is expected to target a large number of new people who are not very familiar with cryptocurrency and acquaint them with the crypto world. This new app will also contribute to spread the use of cryptocurrency as a payment transfer and convert a large sum of USD in digital currencies. It would be a landmark achievement in the use of cryptocurrencies and the advancement of blockchain technology.