Bakkt launches virtual Visa debit card for Bitcoin payments

The regulated Bakkt platform for trading Bitcoin derivatives, in partnership with Sutton Bank, has launched a virtual Visa debit card. Its holders can pay for purchases using digital gold without waiting for cryptocurrency to be converted to fiat.

Bakkt Card allows users to use bitcoin for online and in-store purchases, expanding utility of cryptocurrency. #BakktCard https://t.co/OHz0cPUHgE

— Bakkt (@Bakkt) June 22, 2021

According to the press release, the card is suitable for online and offline purchases. It supports Apple Pay and Google Pay mobile payment systems.

Bakkt did not specify whether it would charge a fee for card transactions. The company does not charge customers for bitcoin operations on its platform but sells them cryptocurrency at a higher price. During 2021, the premium on buying digital gold did not exceed 1.5%.

To obtain the card, you need to submit an application in the Bakkt mobile app. After approval, customers will be able to spend bitcoins and US dollars from their account.

Earlier, Bakkt launched the app, allowing users to store, buy and sell the first cryptocurrency.

As reported in March 2021, Bakkt Marketplace, LLC — a subsidiary of Bakkt Holdings, LLC — obtained a license to operate in virtual currencies in New York State (BitLicense) from NYDFS. The regulator also issued the firm a money transmitter license.

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