Bakkt announces milestone of 1 billion loyalty points on its platform
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.