Starbucks to accept direct Bitcoin payments through Bakkt
- Bakkt has stated that they are currently testing the cryptocurrency payments application.
- Starbucks owns around 30,000 outlets spread all over the world.
Starbucks announced that they’ll be integrating the upcoming Bakkt cryptocurrency payment service. The Bitcoin futures exchange platform was founded by the New York Stock Exchange Parent company ICE. Bakkt has stated that they are currently testing the cryptocurrency payments application and merchant portal and it will be available by July 2020. Mike Blandina, Bakkt’s chief product officer, this is a step to try and unlock the value of cryptocurrencies.
Previously, crypto enthusiasts have been uncertain about the mainstream adoption of Bitcoin and other cryptocurrencies. The debate is about digital currencies becoming mainstream once ordinary people start using them in their day to day activities. This may be true as retail outlets are yet to accept Bitcoin and other digital assets on a large scale fully.
With Starbucks introducing the payment service, the scenario may change. Starbucks owns around 30,000 outlets spread all over the world. Starbucks integrating Bitcoin into their payments indirectly will motivate other retailers to go for the process. The futures exchange is utilizing the pain points affecting ordinary users in the motif to promote the adoption of cryptocurrency. As per Bakkt, this will include quick settlement times for the merchants.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
