Bakkt announces milestone of 1 billion loyalty points on its platform

Karthik Subramanian

Bakkt, a company that started as a crypto exchange but now seems to be transforming itself into a crypto-based loyalty rewards app, has announced that it has reached the milestone of 1 billion points and miles being attached to the app by its users.

It marks a significant step towards the mainstream adoption of crypto and shows that users are willing to embrace crypto if they do understand what is going on behind the scenes and if it benefits them in the real world. The app helps the users to attach their unused loyalty points and miles which can then be converted to crypto and transferred to others or can be converted into cash for purchases of cryptos or other purchases in the app as well. Currently, this can be done on the app for loyalty points earned with certain businesses who are partners of Kraken and it is expected that this list of loyalty program partners would grow in the future.

“Our customers are seeing the value of Bakkt’s innovative platform and embracing the broader possibilities of their rewards and loyalty points through our growing network of partners,” said Bakkt CEO Gavin Michael.

The basic idea is to collect together all the loyalty points and rewards into a single place so that the users find it easy to use, share, send and convert them into something useful rather than letting them go to waste after a period of time. By allowing its conversion into crypto, the Bakkt app hopes to catch the attention of its users to crypto and ensure that even those who haven’t used crypto would be tempted to attempt the same so these can then be transferred or converted to cash. The company says that it conti8inues to work with its partners to boost engagement with its users and hopes to build a large ecosystem involving loyalty points, rewards, fiats, cryptos, etc which will ensure a free-flowing loyalty economy.

This was one of the first use cases of blockchain but it never took off due to the lack of mainstream adoption of crypto and digital currencies. But with the buzz around them increasing again this year and with crypto and blockchain being accepted into mainstream usage more easily nowadays, this use case has gained traction again and Bakkt has been making the most of it through its app.

Read this next

Institutional FX

FXSpotStream volumes hit 14-month high in November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2023, which moved higher on a monthly basis.

Digital Assets

Circle denies ties with Palestinian groups, TRON founder

Stablecoin issuer Circle has denied allegations that it facilitates funding for terrorist organizations.

Retail FX

CySEC hits operator of Titanedge, TradeEU with €90,000 fine

The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed a fine of €90,000 on Titanedge Securities Ltd due to shortcomings in their regulatory obligations.

Institutional FX

Cboe FX volumes retreats slightly in November 2023

Cboe’s institutional spot FX platform today announced its trading volume for the month ending November 2023, which took a step back after a strong rebound in October.

Institutional FX

Alpha Group seals Cobase majority acquisition

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) has finalized its acquisition of Financial Transaction Services, operating as Cobase.

Digital Assets

TMNG Tokens Successfully Listed on MEXC Crypto Exchange

TMN Global proudly announces the successful listing of its native TMNG token on the MEXC crypto exchange, effective December 1st, 2023. This strategic partnership marks a significant milestone for TMN Global in the crypto space.

Institutional FX

Marex completes acquisition of TD Cowen’s PB business

London-headquartered commodities broker Marex has completed the acquisition of TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Digital Assets

Talos introduces decentralized liquidity and onchain settlement with Uniswap and Fireblocks

“At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting.”

Digital Assets

FINMA-regulated crypto bank SEBA Bank rebrands to AMINA

“As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to continue our global expansion, building on all the successes we have laid down over the past years.”