Bakkt hires former Google consultant as pressures to release crypto product increase

The pressure for Bakkt – the cryptocurrency initiative meant to make the trading and investment using bitcoin easier – to release a crypto product is increasing. The project did receive funding worth $182 million to develop and produce a wallet for digital assets called Bakkt Pay. To help it do so, the firm has hired a former consultant for Google in order to assist in the rollout of the product.

This information about the new hire reportedly comes from an insider with knowledge of the situation, The Block reports, with the latest addition to the team being Chris Peterson. As a former UX consultant, he will supposedly be responsible for helping make the rollout of Bakkt Pay smoother. The mobile app that will function as a means of storing, trading, and purchasing cryptocurrency, and is the product that Bakkt needs to release.

Bakkt is a result of the work by Kelly Loeffler and Jeff Sprecher, who are best known for the Intercontinental Exchange. It was introduced to the world back in 2018 and one of the biggest promises that came with the platform is the supposed ability to trade bitcoin via 401(k). It was supposed to have launched products to this end, by now, but regulations have been an issue.

One of the products that are most prominently associated with Bakkt is Bakkt Pay and after receiving a lot of money from backers like Galaxy Digital and CMT Digital, there is a lot of pressure to do so. As such, it is being speculated that it might just launch the digital crypto wallet over the next few months.

If it does so, it would just in time since bitcoin is currently seeing a surge in value and popularity. The launch of Bakkt Pay can only be good news for investors, Blockonomi reports.