BTC Wires: The globally famous and desired coffee-chain, Starbucks, is entering the crypto-space.
As per the latest reports, the company, headquartered in Seattle, is planning the launch of a new digital platform in association with Microsoft and Intercontinental Exchange (ICE). The platform is meant to furnish the consumers with the ability to make use of their Bitcoins and various other digital tokens at any Starbucks Outlet.
The big announcement has been planned for the month of November, this year. The company, newly assembled, would be named ‘Bakkt’ and will primarily function as a platform for various individuals and institutions to buy, sell, store and spend crypto-coins at a global level. The partners, Starbucks, Microsoft, ICE and BCG have informed that the firm will facilitate the conversion of almost all crypto-tokens including Bitcoin, into US dollars. The dollars can further be utilised by the consumers for purchasing any product of their choice, at Starbucks.
Maria Smith, the Vice President of payments and partnerships department at Starbucks, made a comment in this context.
“As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
Cynics of the digital coins have raised questions regarding whether or not, these digital assets can be utilised for making payments successfully. These doubts arise mainly because of the volatility of Bitcoin and other cryptocurrencies. More so, the facts favouring the cynics reveal that the value of Bitcoin declined by around 50 per cent, just this year. Also, their market worth fluctuates by a hundred thousand dollars in a single day.
Nevertheless, the future of digital-assets cannot be inferred so easily. With an international brand like Starbucks backing up the cryptocurrency, it might just flourish as the mainstream currency. The market might just work in favour of Bitcoin, and the prices might turn bullish after experiencing slow growth throughout 2017.
Starbucks is not going to be the first retail chain to welcome digital coins. This has happened before, that many retailers have accepted Bitcoin and other crypto-coins as a means of payment. In 2014, Overstock.com became the first one, further followed by Expedia, Shopify and CheapAir.
Nonetheless, it is the ‘First Time Ever’ for Starbucks. Brian Kelly, the founder and CEO of BKCM, in this regard, says,
“It’s very big news for bitcoin because people say, ‘Where can you spend it?’ Now at every single Starbucks. Starbucks, is seeing some kind of demand for acceptance of crypto and bitcoin, and to tie up with a huge regulated institution like the ICE is really positive for the space.”