Avid cryptocurrency enthusiasts will be familiar with the recent story developing, in which established actors such as Microsoft and Starbucks are working together with Intercontinental Exchange and BCG to launch the new firm ”Bakkt”.
Bakkt will create a global platform and ecosystem for digital assets, and the inclusion of such well-known companies actively supporting a cryptocurrency-related venture is seen as a major milestone for increased adoption of cryptocurrencies.
Bakkt will ”allow consumers and institutions to buy, sell, store and spend digital assets on a seamless global network”. The service is currently slated for launch this November.
Moreover, Starbucks will allow users to pay for their coffees, sandwiches, or other snacks using virtual currencies. The service will allow customers to use a digital wallet to convert both Bitcoin and other cryptocurrencies into fiat dollars.
This digital wallet is intended to allow users to make purchases at both Starbucks, as well as a wide variety of other retailers.
The fact that Starbucks will accept Bitcoin as a means of payment is a significant development. The Seattle-based coffee chain had more than 27,000 stores worldwide in 2017, meaning that this will create a huge foundation to propel cryptocurrency adoption and usage even further.
Furthermore, Bakkt is likely to create even more use-cases than merely Starbucks payments for cryptocurrencies, which will surely be revealed in the coming days and weeks.
Most notably, this comes as notable cryptocurrency industry figures, such as Vitalik Buterin, recently highlighted the need for adoption and noted that there is a prominent investment focus on cryptocurrencies at the moment.
This Bakkt initiative seems likely to change this, and Starbucks’ support for cryptocurrency payments come as the general trend of accepting cryptocurrencies seems to be turning to a more cryptocurrency-friendly policy. For example, the travel booking companion service Expedia stopped offering cryptocurrency payments this past April.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.