Bitcoin may soon be used to buy coffee at Starbucks

Bitcoin may soon be used to buy coffee at Starbucks

Bitcoin and other cryptocurrencies have made their way in different industries from consumer electronics to retail. A lot of people have waited for the day when they can use it to buy coffee at Starbucks. This dream is soon to come true because of the partnership between Starbucks, Microsoft and Intercontinental Exchange.

Intercontinental Exchange is one of the biggest stock exchange platforms in the world and will be launching a new company known as Bakkt in November. This project will be backed by Microsoft’s cloud computing service, Starbucks, Boston Consulting Group and others.

This platform wants to build a system that will expand the potential and use cases of cryptocurrencies around the world. The main goal is to offer Bitcoin mutual funds, ETFs, pension funds and make cryptocurrencies the next mainstream investment.

Kelly Loeffler, the CEO of Bakkt said,

Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility. We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across the global markets and commerce.

With support from Starbucks and Microsoft, they believe that this can revolutionize the payments industry. The company stated that Starbucks is a lucrative partner for them since they were responsible for causing a lot of people to use mobile payments instead of credit cards. Microsoft is also a fit for the project because its cloud service is used by a majority of retailers. The VP of Partnerships, Maria Smith said,

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 USD for use at Starbucks.

Although the announcement has made a huge impact in the industry, some are speculating whether Bitcoin’s Lightning network can be used for these transactions. Others are speculating about the time it will take Starbucks to actually implement it in its stores.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.