Starbucks will be Bakkt’s first partner network to receive bitcoin payments. According to the Bitcoin futures exchange, founded by the parent company of the New York Stock Exchange, the tests of the portal and the cryptocurrency payment application will be carried out by July 2020.
According to the company’s product director, Miked Blandina, the move is part of Bakkt’s efforts to “unlock the value of digital assets”.
Crypto asset enthusiasts have defended for some time that the bitcoin, as well as other digital assets, will only be disseminated when ordinary people can integrate them into their daily activities. So far, the acceptance of the bitcoin and other cryptocurrencies at points of sale has not yet been on a large scale. But since Starbucks is the world’s largest coffee shop chain and has more than 30,000 stores around the planet, it is expected that Bakkt’s effort change that scenario by the third quarter of 2019.
Starbucks opens up possibilities for the use of the bitcoin
To help drive mass acceptance of the cryptocurrencies, Bakkt has identified the troublepoints that often affect ordinary users. Among the issues are the settlement time, which should be faster for traders. In the case of the bitcoin, for example, cryptocurrencies have long been harmed in relation to the traditional payment platforms, such as Mastercard and Visa. This is because, in these card networks, transactions are processed more quickly.
With Bakk’s choice for Starbucks, the platform targets the young, coffee-loving audience and has a great tendency to adopt the cryptoassets. In addition, being a successful experience, the expectation is that new retailers will be interested in adopting bitcoin payments through Bakkt.