Ever since the boom of cryptocurrency, all investors and traders have been waiting for the day they could buy coffee at Starbucks with Bitcoin [BTC]. Now, the dream seems to be realized with the new partnership between Starbucks, Microsoft and Intercontinental Exchange.
Intercontinental Exchange, one of the biggest stock exchange platforms in the world, will be launching a new company known as Bakkt in the month of November. The project will be backed by Microsoft’s cloud solutions, Starbucks, Boston Consulting Groups and many more.
The platform aims to build an ecosystem which would unravel the potential of cryptocurrencies across the globe. Their main aim is to offer Bitcoin in mutual funds, ETFs and pension funds and make cryptocurrencies the next mainstream investments.
The CEO of Bakkt, Kelly Loeffler said:
“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. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across the global markets and commerce.”
With the support of Starbucks and Microsft, the company believes that they will be able to revolutionize the payment system. They state that Starbucks had a huge impact in encouraging customers to opt for mobile payment, as opposed to credit cards. Microsoft’s Azure cloud service is used by the majority of the retails working from invoice to e-commerce, making it a fit for the project.
The VP of Partnerships and Payments, Maria Smith said:
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into USD for use at Starbucks.”
This partnership could potentially lead to the inflow of new Bitcoin [BTC] in the cryptocurrency space while also stabilizing the high volatility of the market. It would be used as a mode for day-to-day payments all across the globe moving Bitcoin closer to the currency envisioned by Satoshi Nakamoto.
Although the announcement has made a huge impact in the cryptoverse, many have started to speculate whether Bitcoin’s Lightning Network would be used for the payment transactions. Other are speculating regarding the estimated time it would take Starbucks to actually start implementing Bitcoin payments in all its stores.
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