Popular coffee store, Starbucks alongside big corporate firms including Microsoft, and Intercontinental Exchange are collaborating on launching an integrated platform that would enable individuals and institutions to buy, sell, store, and spend digital assets on a seamless global network.
Bakkt allows for trading and conversion of Bitcoin to fiat currencies (U.S. dollars) that customers can use to buy Starbucks coffee drinks like Cold Foam Cascara Cold Brew, Matcha Lemonade at selected stores.
Kelly Loeffler, CEO of Bakkt disclosed in a press release that the platform is expected to begin operations in November this year will bring institutions, merchants, and consumers together.
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security , nd utility.” – Kelly Loeffler (CEO, Bakkt)
He also explained that Bakkt, Starbucks and Microsoft are collaborating to “build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
On using Microsoft’s cloud solution, Maria Smith, Vice President of Partnerships and Payments for Starbucks, said in a statement that the open and regulated global ecosystem for digital platforms provided by the technology giant, “will 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.”
Cryptocurrency experts such as Brian Kelly the founder and CEO of BKCM is of the opinion that with Starbucks taking cryptocurrency seriously, it could help increase bitcoins acceptance as a mainstream currency. “Starbucks is seeing some kind of demand for acceptance of crypto and bitcoin, and to tie up with a huge regulated institution like the ICE is really positive for the space,” Kelly said in an interview.
He further noted that the news is significant for bitcoin because it addresses the question of “where can you spend it?”
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.