Starbucks will be the first launch of the upcoming Bakkt cryptocurrency payment service. Now it seems apparent that the company will soon begin accepting them through the Bakkt portal.
The New York Stock Exchange Parent company ICE founded the Bitcoin futures exchange platform. Bakkt has indicated that the cryptocurrency payments application and merchant portal they are testing will be available in July 2020.
Bakkt’s chief product officer Mike Blandina stated that this is a move to try and unlock the value of cryptocurrencies. After a slow start when it launched, Bakkt has picked up momentum, and it is setting new records in trading volumes.
Over the past, crypto enthusiasts have been skeptical about the mainstream adoption of Bitcoin and other cryptocurrencies. The argument has been that digital currencies will only become mainstream once ordinary people start integrating them in their activities. These assertions may be true as retail outlets are yet to accept Bitcoin and other digital assets on a large scale fully.
However, the scenario may be about to change, given Starbucks’ reach. The coffee chain is the largest globally, with over 30,000 outlets spread all over the world. Therefore the Bakkt move will be a game-changer for the cryptocurrency space. The acceptance of Bitcoin payments by Starbucks, even though it is indirectly, will motivate other retailers to embrace the same.
As a way of promoting the adoption of cryptocurrency, the futures exchange is leveraging the pain points affecting ordinary users. According to Bakkt, this will include quick settlement times for the merchants.
Digital assets have been disadvantaged compared to payment platforms such as Visa and MasterCard. The traditional payment platforms process transactions faster than Bitcoin, for example, and process more transactions per second. With a solution to this impediment, Bakkt will have provided a competitive alternative to those legacy payment systems.
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