Intercontinental Exchange subsidiary Bakkt has reportedly rolled out a new debit card, making it possible to carry out crypto-enabled payments in retail. 

Specifically, Bakkt reportedly disclosed the official release of its fully virtual Visa debit card, catering to both online and at-store channels. Cardholders will be able to tap into their own Bitcoin sum, with no need for conducting crypto-to-fiat conversion. 

“Imagine a Bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing […] the Bakkt Card untethered Bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.” Head of Bakkt, Gavin Michael, reportedly remarked. 

Sutton Bank, a member of the Federal Deposit Insurance Corporation, is reportedly taking care of the issuance of the debit cards, which will be fully compliant with a license from Visa. 

Bakkt reportedly looks to steer clear from BTC transaction fees via amping up the crypto selling price compared to the existing market rate, which is claimed to have not exceeded the 1.5% benchmark throughout 2021. 

The debit card was reportedly rolled out after Bakkt revealed in March that it had made a virtual asset payments application available, enabling crypto-supported purchases. At the time, the platform was regarded as a means of amplification for consumer spending, bringing down payment costs, as well as concreting merchant loyalty programs.