Starbucks Announces Bitcoin Payment Process
August 06 2018 - 1:02PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
August 06, 2018 -- ADVFN Crypto NewsWire -- CNBC and Bloomberg caught
huge attention from a story on Starbucks accepting Bitcoin in
partnership with Microsoft and the parent company of the NYSE.
There is a new project in the works called Bakkt that could
facilitate retail Bitcoin payments in physical stores, but it won’t
be happening as soon as initial reports led on.
Press Release
Clarification
The press release states:
“Launch of regulated, physical Bitcoin futures contract and
warehouse planned for November 2018.” Starbucks will be the
“flagship retailer” for payment processing on the new platform, but
there is no estimation on when that could be
established.
“As the flagship retailer,
Starbucks will play a pivotal role in developing practical, trusted
and regulated applications for consumers to convert their digital
assets into US dollars for use at Starbucks.”
Bitcoin
Payments
If, or when it does happen,
Starbucks would still only process fiat currency. Transactions
would instantly engage an exchange of BTC from a customer for fiat,
where the fiat would move directly to Starbucks. There are plenty
of hoops to jump through before integrating this kind of thing, but
Bakkt is an ambitious project with strong support from long
established, powerful companies.
Bakkt
It runs much deeper than just
accepting BTC payments. Bakkt is aiming to be a
regulated, global ecosystem for digital assets, meaning consumers
and institutions could buy, sell, store and spend digital assets on
a seamless global network without worrying about regulatory
discrepancies.
The platform will be built on
Microsoft’s cloud networking services, and backed by their venture
capital arm. It wa founded by the parent company of the NYSE, the
Intercontinental Exchange. The Bakkt ecosystem is expected to
include federally regulated markets and warehousing, with merchant
and consumer applications as well. The first use case will be
similar to many of the Bitcoin futures already available, based
strictly on trading and conversion of Bitcoin versus fiat
currencies.
By: BGN Editorial Staff
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