Bitcoins can now buy you coffee!! Starbuck has been fixing our daily elixirs for years and soon you will be able to clear your tab at the Starbucks counter via Bitcoins. The beverage retailer now steps into the world of Cryptocurrency as it teams up with Intercontinental Exchange Inc., one of the world’s biggest exchange operators.
While Bitcoins have had observed an astronomical surge last year, companies and consumers across the globe are still widely hesitant to use it to buy and sell actual goods. Many startups have tried to jump onto the cryptocurrencies wagon by developing exchanges or payment solutions for merchants, but only a few could join all the dots to complete the puzzle. Intercontinental Exchange Inc. recently introduced Bakkt to bring in a change to this scenario.
Bakkt endeavors to integrate digital currencies into global commerce. Kelly Loeffler, the chief executive officer of Bakkt told in an interview –
“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,” Loeffler added “We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
To encourage, a one-day futures contract will be introduced in November as per ICE’s plan. It will differ from the derivatives already offered by U.S. competitors Cboe Global Markets Inc. and CME Group Inc as it is physically delivered. So, the owners of the contract will get Bitcoin upon expiration and not cash. Since some of the big players in the financial market do not trust the largely unregulated markets where Bitcoin currently trades, physical delivery plays a crucially important role.
Although the companies didn’t provide a timetable, ICE mentions that Starbucks and Microsoft Corp. joined in the effort to facilitate consumers and institutions to “buy, sell, store and spend digital assets.” According to ICE’s statement, Bakkt is expected to include investors from an affiliate of Fortress Investment Group, Galaxy Digital, Eagle Seven, Alan Howard, Horizons Ventures, Protocol Ventures, Pantera Capital, and Susquehanna International Group.
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