Starbucks & Microsoft Corporation (NASDAQ:MSFT) along with BCG, the Intercontinental Exchange is planning to introduce a new company, Bakkt. The new venture will enable consumers to use cryptocurrencies including Bitcoin (BTC) at Starbucks. Bakkt will play a key role in leveraging the cloud of Microsoft and create a regulated and open, digital asset ecosystem.
Bakkt can help Bitcoin break into mainstream
According to the founder of BK Capital Management, Brian Kelly, the introduction of Starbucks into the cryptocurrency field is one of the biggest news for Bitcoin in 2018. Kelly stated,” They’ll now have a U.S.-regulated exchange, and they have a licensed warehouse, which is how commodities are stored, and that’s going to make it a lot easier for an ETF to come through.”
With the introduction of Bakkt it would be possible for Bitcoin to break its limitations and enter into mainstream as a global currency. It is also expected to boost to the prices of cryptocurrency that have been struggling since December last year to find its hold. Kelly, who also is at the helm of Digital Asset Fund management, a BKCM based on blockchain said that it is indeed huge news.
Bakkt to create seamless global network
Starbucks and the other companies involved want Bakkt to build a “seamless global network” where traders can spend virtual assets such as Bitcoin. The payments VP of the American coffee giant said that Bakkt will play an important role to develop trusted, practical and regulated applications for consumers for converting their virtual assets into American currency so that they can be used at Starbucks.
The moment, Starbucks rolled out the news about Bakkt, gossip mills started trumpeting that fans of the Washington-based company will be able to pay for lattes and their teas using Bitcoin. However, Starbucks was quick enough to correct this fake news and stated that the company is not accepting virtual currency at their outlets.
Rather their exchange will first convert digital assets into the US dollars and then consumers can make payments at Starbucks. The statement from the company clearly says that consumers will not be allowed to pay for snacks using Bitcoin.