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Bakkt is working with Starbucks to offer customers of the coffee company more payment options, especially with bitcoins. According to Bakkt's CEO, Kelly Loeffler, at the Consensus Invest the exchange is moving with the Starbucks partnership "to be able to offer its customers more options in their ability to pay … to be able to pay with bitcoins." Kelly Loeffler is also Chief Communications & Marketing Officer at Intercontinental Exchange (ICE).
Bakkt is on track to develop the "stage two" of his roadmap. Bakkt, a platform owned by ICE, is seen to a greater extent for institutional investors. Phase two of the operations include the participation of Starbucks and Microsoft. Starbucks had previously indicated that it would play a role in developing reliable applications that will allow consumers to convert digital resources into cash.
Bakkt launch date
Bakkt initially would have launched this month. Bakkt's launch was delayed due to the overwhelming number of customers who signed up for the platform. The Bakkt CEO says he delayed the launch because "the pipeline was filled with customers".
Starbucks accepts bitcoins because the payment would be huge for the encrypted market, thousands of people already buy coffee from Starbucks. And it seems like a winning scenario since Starbucks would be able to attract encrypted users who are not yet customers.
The software exists, has successful use cases, is practical and offers much more than Bitcoin, as well as instant cash payment into the merchant's bank account. From an audience perspective, it already has everything it takes to implement cryptographic payments.
Bitcoin is a currency
At the Consensus: Invest 2018 in New York conference, the US president, Securities and Exchange Commission (SEC), Jay Clayton, confirmed that the regulator does not consider bitcoin as a security, but rather a currency.
"Bitcoin is decentralizing … It will be a replacement of the payment system for sovereign currencies.We determine that it does not have the attributes of a security … A concern that develops similarly to the dollar, the yen, the euro … and it works like this … "
The price of Bitcoin may be declining now, but with more institutional investors showing interest, the price may be down too long.
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Summary
Item name
Starbucks will be able to pay with Bitcoin soon
Description
The coffee company will soon offer its customers the possibility of paying with bitcoins. The Bakkt CEO confirmed the partnership with Starbucks is still active.
Author
Feranmi Akeredolu
Publisher name
Coinpedia
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