Technology
Bakkt – Starbucks, Microsoft, and Intercontinental Exchange (ICE) Blockchain Partnership
Pay For Coffee With Bitcoin (BTC)
According to CNBC, Starbucks signed a partnership deal with Microsoft and ICE to form a new company, Bakkt, which propelled the company into the ocean of blockchain technology.
Bakkt will focus on enabling consumers to buy, sell, store and spend cryptocurrencies by converting Bitcoin and other coins into USD, which can then be used to buy Starbucks’ products throughout their network. In short, Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security, and utility.
The Bakkt ecosystem will also include federally controlled markets and warehousing along with merchant and consumer applications. In addition, it will be designed to address the needs in the $270 billion cryptocurrency marketplace, with the CFTC review and approval by November 2018.
Bringing Transparency and Trust to Previously Unregulated Markets
“It’s very big news for Bitcoin because people are wondering where can you spend Bitcoin. Now, at every single Starbucks,” Brian Kelly, founder, and CEO of BKCM stated. He added that the connection with such a significant regulated institution like the ICE is a major positive for the cryptocurrency industry in general.
Kelly’s enthusiastic statement can be misinterpreted because although Starbucks will not accept Bitcoin directly yet, , due to the regulatory issues, the Bakkt project shows the belief the company is putting into the blockchain industry.
Jeffrey C. Sprecher, Founder, Chairman, and CEO of Intercontinental Exchange declared in his statement: “In bringing regulated, connected infrastructure together with institutional and consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”
Vice President, and the head of Partnerships, and Payments for Starbucks, Maria Smith, appended that Starbucks is dedicated to expanding payment options for their customers through innovation, and are planning to “play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.”
The List of Partners Will Become Much Longer
In addition to Microsoft and ICE, the partnership will include Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.
However, Starbucks isn’t the first giant to adopt cryptocurrency payments for their goods and services.
Overstock.com, whose CEO, Patrick M. Byrne is heavily endorsing cryptocurrencies (especially Ravencoin), was the first big company to accept Bitcoin payments in 2014 and was followed by Expedia, Shopify, and CheapAir, who have done the same.
Starbucks and Bakkt, by having a US regulated exchange and a licensed warehouse, may have just triggered the “if they can do it, so can we” cryptocurrency adoption wave, which can quickly bring enough positive sentiment towards digital currencies to force the SEC to allow the highly anticipated ETFs.
Did you find this article helpful? Don’t hesitate to share on Facebook and LinkedIn to let your network know!
Youre so cool! I dont suppose Ive read anything like this before. So good to seek out somebody with some authentic thoughts on this subject. realy thanks for starting this up. this web site is something that is needed on the net, somebody with just a little originality. useful job for bringing something new to the web!
I really value your work, Great post.
hi!,I love your writing so so much! share we keep up a correspondence extra about your article on AOL? I require an expert in this area to resolve my problem. May be that is you! Taking a look forward to see you.
Can I just say what a reduction to find someone who actually is aware of what theyre talking about on the internet. You definitely know how one can bring a problem to light and make it important. More people have to learn this and understand this aspect of the story. I cant imagine youre no more in style because you undoubtedly have the gift.
I want to show my thanks to you for rescuing me from this incident. Right after scouting through the the web and coming across recommendations that were not helpful, I believed my entire life was gone. Living devoid of the strategies to the difficulties you have sorted out through your article content is a critical case, and those which may have badly damaged my career if I hadn’t noticed the blog. The training and kindness in maneuvering a lot of things was important. I don’t know what I would have done if I had not discovered such a step like this. I’m able to at this time look forward to my future. Thanks a lot so much for the skilled and results-oriented guide. I will not hesitate to suggest your web blog to anyone who needs to have recommendations about this subject matter.
I have been reading out some of your stories and i can state nice stuff. I will definitely bookmark your site.
This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your great post. Also, I’ve shared your site in my social networks!
I’ve been absent for a while, but now I remember why I used to love this blog. Thank you, I?ll try and check back more often. How frequently you update your site?
Howdy just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.
This is the right blog for anyone who wants to find out about this topic. You realize so much its almost hard to argue with you (not that I actually would want…HaHa). You definitely put a new spin on a topic thats been written about for years. Great stuff, just great!