Popular Wyndham Hotels and Resorts, based in Parsippany, New Jersey, recently entered a partnership deal with renowned Intercontinental Exchange-backed crypto startup Bakkt to test a Bitcoin reward program on the crypto startup’s platform.
The rewards program will grant reward access to a market of over 50,000 hotels and resorts, including global rental services. Users will be able to claim loyalty rewards in the form of Bitcoin using the Bakkt app.
Additionally, users will now be able to convert Bitcoin into cash, discounted gift cards, or points in the form of loyalty currencies. The reward program could garner up to 87 million users, providing many with perhaps their first exposure to Bitcoin.
Commenting on Bitcoin as an appealing reward perk, chief revenue officer at Bakkt, Sheela Zemlin said “Even with the volatility we’re seeing in the market, there’s broader adoption from consumers and businesses, and there’s an uptake in acquiring digital assets.”
For its part, Bakkt continues to be hard at work gearing up for Bitcoin adoption through various programs and platforms. Bakkt was the first crypto startup to launch physically-settled regulated contract options for Bitcoin futures back in 2019.
The company subsequently rolled out its mobile app, pledging to provide a product that would allow consumers to spend bitcoin as easily as they would fiat. The launch of the pilot program with Wyndham Hotels is definitely a step in the right direction and will not only grow Bakkt’s business but also propel Bitcoin towards mainstream adoption.
Meanwhile, the price of Bitcoin continues to trade within the $30k to $40k region as market participants remain cautious about the possibility of a massive price drive in either direction. The just-concluded quarter saw Bitcoin post its worst return over the three-month period since 2014, and things could get either worse or rosier for the leading crypto-asset.