Starbucks will be the first launch of the upcoming payment service for Bakkt cryptocurrency. This comes months after reports that the coffee chain accepted direct Bitcoin payments were turned on. Now it seems obvious that the company will soon start accepting Bitcoin payments through the merchant portal of Bakkt.
Bakkt’s consumer app and merchant portal will be online from July 2020
The Bitcoin futures exchange platform was founded by the New York Stock Exchange Parent company ICE. Bakkt has indicated that the application for cryptocurrency payments will be available in July 2020 and the merchant portal they are testing.
Chief Product Officer Mike Blandina of Bakkt said this is a move to try to unlock cryptocurrencies ‘ value.
In the past, Bitcoin and other cryptocurrencies have been skeptical about the mainstream adoption of cryptocurrencies. The argument was that digital currencies will only become mainstream once they are integrated into their activities by ordinary people. These assertions may be true because Bitcoin and other digital assets are still to be fully accepted by retail outlets on a large scale.
Starbuck adoption of crypto payments to open doors for massive adoption
However, due to the reach of Starbucks, the scenario may be about to change. The world’s largest coffee chain, with more than 30,000 outlets spread around the world. The Bakkt move will therefore be a game-changer for the space of the cryptocurrency. Starbucks ‘ acceptance of Bitcoin payments, though indirectly, will encourage other retailers to embrace the same.
The futures exchange is leveraging the pain points that affect ordinary users as a way to promote the adoption of cryptocurrency. This will include fast settlement times for merchants, according to Bakkt.
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.