Starbucks joins hands with ICE and Microsoft to develop Bakkt, a brand new cryptocurrency platform. The coffee giant wants its customers to enjoy the freedom of using the Bitcoin at its stores.
There is good news for the customers of the Seattle-based coffee brand. Starbucks is collaborating with the global IT Company Microsoft, BCG and Intercontinental Exchange to work on a cryptocurrency platform. The new platform is known as Bakkt and aims at consumer convenience.
The new company will allow institutions as well as customers to sell, save, use and purchase cryptocurrencies globally by November this year. The platform will be able to convert Bitcoin and other cryptocurrencies into dollars. Thereafter, the customers can purchase their favorite Starbucks beverages like Matcha Lemonade, Cold Foam Cascara Cold Brew, Cold Foam Cascara Nitro or anything else.
Detractors of cryptocurrency have expressed their skepticism against the new development as they feel that digital currencies are too volatile in nature. For instance, Bitcoin has plunged by about 50 percent in the current year. Plus, its value alters by hundreds of fiat currency within the same day.
Starbuck’s Cryptocurrency Venture Can Be A Positive Development
With brands like Starbucks focusing on cryptocurrency in a big way, Bitcoin may experience a major breakthrough. It can be accepted as one of the mainstream currencies and become bullish for its prices.
The CEO and founder of BKCM, Brian Kelly feels that the new platform will be a big positive development for a cryptocurrency like Bitcoin. After all, customers will be able to use their digital currencies at all Starbucks stores henceforth.
According to a report by CNBC, Kelly also opines that the coffee giant must have observed a rising demand for recognizing cryptocurrencies like Bitcoin. He thinks the partnership with a regulated business such as ICE can be a positive development for the cryptocurrency space.
However, Starbucks would not have the distinction of being the maiden retailer to recognize digital assets. Businesses such as CheapAir, Shopify, Expedia, and Overstock.com also accept cryptocurrency as a payment option.
The post Starbucks Joins The Cryptocurrency Bandwagon, Collaborates With Microsoft, ICE appeared first on OWLT Market.
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