Since the cryptocurrency boom, 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 largest stock exchange platforms in the world, will launch a new company known as Bakkt in November. The project will be supported by Microsoft cloud solutions, Starbucks, Boston Consulting Group and many others.
The platform aims to build an ecosystem that can unveil the potential of cryptocurrencies around the world. Their main objective is to offer Bitcoins in mutual funds, ETFs and pension funds and make cryptocurrencies the next mainstream investments.
Bakkt's CEO, Kelly Loeffler, said:
"Bakkt is designed to function as a scalable ramp for institutional, commercial and consumer participation in digital goods promoting greater efficiency, security and utility. build an open platform to help unlock the potential for digital asset transformation across global markets and commerce. "
With the support of Starbucks and Microsft, the company believes it will be able to revolutionize the payment system. They claim that Starbucks has had a huge impact in encouraging customers to opt for mobile payment, as opposed to credit cards. The Microsoft Azure cloud service is used by most retail products ranging from invoices to e-commerce, making it suitable for the project.
VP of partnerships and payments, Maria Smith said:
"As a major retailer Starbucks will play a pivotal role in developing practical, reliable and regulated consumer applications to convert their digital assets into dollars to be used on Starbucks. "
This partnership could potentially lead to the influx of new Bitcoins [BTC] into the cryptocurrency space and at the same time stabilizing the high volatility of the market. It would be used as a mode for daily payments around the world, moving the Bitcoin closer to the currency imagined by Satoshi Nakamoto.
Although the announcement had a huge impact in cryptoverse, many have begun to speculate whether Bitcoin's Lightning Network would be used for payment transactions. Others are speculating on the estimated time it would take Starbucks to start implementing Bitcoin payments in all of its stores.