The partnership will enable Bakkt user to pay for everyday purchases using Google Pay. Credit: Executium on Unsplash.

Digital asset marketplace Bakkt has forged an alliance with Google to allow consumers to pay for everyday purchases using cryptocurrencies.

The partnership will enable Bakkt users to add their virtual Bakkt Visa Debit Card into Google Pay to pay for goods and services using cryptocurrencies.

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For the payments to happen, the cryptocurrencies will be automatically converted to fiat currencies.

Bakkt users can make purchases both online and offline wherever Google Pay is accepted.

Additionally, Bakkt signed Google Cloud as a preferred cloud provider. The firm plans to market its solutions enabled by Google Cloud to US-based retailers and merchants.

Bakkt CEO Gavin Michael said: “This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner.

“Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”

Bakkt is planning to develop new analytics on its platform using tools offered by Google Cloud to offer location-aware business insights.

These insights will provide Bakkt partners with consumer behaviour patterns facilitated by Google Cloud infrastructure.

In addition, it will offer expanded loyalty redemption options to Bakkt consumers.

Commenting on the development, Google Cloud president of North America Kirsten Kliphouse said: “Google Cloud has been at the forefront of accelerating digital commerce, powering many retailers and merchants.

“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”

Bakkt was founded in 2018 as a clearing platform for digital assets by stock exchange operator Intercontinental Exchange.

In 2019, it obtained a licence from the New York State Department of Financial Services to offer custody services for Bitcoin and launch physically delivered Bitcoin futures contracts.