Crypto Making Big Step Into the Mainstream With Fiserv & Bakkt
Fiserv’s latest move enables consumers to use cryptocurrency in practical ways.
On Monday, fintech behemoth Fiserv stepped into a new realm of its payments services with a strategic partnership announcement with digital asset platform Bakkt in Alpharetta, Ga. The joint effort aims to bring practical uses of cryptocurrency into daily life. An element of the new partnership appears to also be a service that credit unions can, at some point, offer to their members.
The Brookfield, Wis.-based Fiserv said the future integration of Bakkt into Fiserv’s Carat omnichannel ecosystem would allow business clients to use crypto assets in B2B and B2C payouts, all accessible by using a digital asset wallet.
“Carat is a trusted solution for businesses, including fintechs, that want to access a broad range of commerce-enabling capabilities, such as the ability to accept and disburse funds, from a single provider,” Fiserv Head of Carat and Digital Commerce Nandan Sheth said. “Bakkt will be leveraging these capabilities while also working with us to build emerging merchant experiences that help bring crypto assets into the mainstream.”
“This partnership with Fiserv marks an important moment as we together create opportunities for consumers to seamlessly and at their own pace introduce digital assets into their daily habits,” Bakkt Chief Revenue Officer Sheela Zemlin said. “Whether it be buying bitcoin from within a financial institution’s app, redeeming loyalty points from their favorite restaurant for merchandise, using a digital asset wallet, or getting paid in bitcoin for their side gig grocery delivery runs, consumers will have new opportunities to participate in the digital economy.”
According to details of the partnership, Fiserv and Bakkt will also introduce Bakkt technology that supports consumers’ ability to buy, sell and hold crypto assets to Fiserv financial institution clients.
“Fiserv is in a unique position to connect merchants and financial institutions utilizing a unified digital asset platform, laying the foundation for an integrated digital asset ecosystem that can bring value and convenience to our clients and their customers,” Fiserv Head of Fintech Sunil Sachdev said.