Starbucks will start accepting Bitcoin from 2020 thanks to the Bakkt consumer app trails and the aim of the company to move beyond futures trading. Let’s find out more about it today’s Bitcoin news.
A few months after Starbucks disappointed the crypto space by reporting that they will not accept bitcoin as a payment, the largest coffee chain has since announced to be the first launch partner of Bakkt’s upcoming crypto payment service. According to the Bitcoin futures exchange founded by the parent company of the New York Stock Exchange, testing the crypto payments app and merchants portal will be done by July 2020:
“We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.”
This move is a part of the Bakkt efforts to ‘unlock the value of digital assets’ according to Miked Blandina who is the firm’s chief product officer. The decision comes as Bakkt is trying to set new records with targets to trading. Last week, more than 1,150 BTC futures contracts were traded on the Bitcoin futures exchange. Some crypto enthusiasts have long argued that Bitcoin and other digital assets will only go mainstream when ordinary people will be able to integrate them into their daily activities.
So far, the acceptance of bitcoin and other cryptocurrencies at other retail outlets has not been on such a grand scale. Starbucks will start accepting bitcoin as one of the largest coffee chains in the world and will boast more than 30,000 stores across the globe to accept it as well so the Bakkt effort could be a game-changer. The acceptance of Bitcoin through the Bakkt platform will spur other retailers to follow. Bakkt’s choice of Starbucks as the first launch partner of its payments app is a great move considering that the demographic is mainly millennial and also avid coffee lovers.
Bakkt has identified the major points that affect the users and as noted in the blog post of the platform, this includes faster settlement times for the merchants. In the case of Bitcoin, cryptocurrencies have been disadvantaged compared to traditional payment platforms such as Mastercard and Visa.
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