Starbucks, along with a group of business firms, will advise the Intercontinental Exchange (ICE) on the development of a new digital platform. The Seattle-based coffee giant, BCG, and Microsoft, along with others will be launching ‘Bakkt’ a company to serve as an international network to trade Bitcoin (BTC) on.
Bakkt To Start Working November 2018
Bakkt will be set in motion in November 2018, if reviews and approval from the Commodity Futures Trading Commission (CFTC) are ready by then. The company will finally become a synchronized open and incorporated platform. Firms and consumers will be able to sell, store, buy, or spend digital assets via this platform. Converting and trading digital currency Bitcoin to legal tender currencies will be the first use case of the company.
To develop synchronized markets, warehouses, including apps for consumers and merchants, the ecosystem will utilize Microsoft’s cloud services.
A Pivotal Role For Starbucks
Maria Smith, Starbucks VP, says that as the flagship retailer of the venture the company has to play a ‘pivotal role.’ It has the support to develop applications on which consumers can rely and trust. The apps will help consumers to easily convert their digital assets like Bitcoin, etc.
The first and most noteworthy service will be to establish physical regulated warehouses. Here it will deliver a single-day physical Bitcoin agreement. At present the Bitcoin futures are cash oriented, meaning the transaction is simply entered in the firm’s books. No physical delivery takes place. As a result of a Bitcoin trading via Bakkt, actual delivery on a specific date will occur. Because of this, consumers will be able to exchange their cryptocurrencies for real products.
Establish New Protocols
The regulated warehouses of Bakkt will establish new protocols. The goal is to manage digital currencies by developing a more open technology. Due to this, the present markets and merchants can connect with, as well as use blockchain.
Jeffrey Sprecher, founder and chairman plus CEO of ICE says, “In bringing regulated, connected infrastructure together with institutional also consumer applications for digital assets, we aim to build confidence in the asset class on a global scale, consistent with our track record of bringing transparency and trust to previously unregulated markets.”
People took interest in Bitcoin and also in blockchain tech over the past few years. Though, this is still a vague and complex subject matter because an average consumer cannot understand. This is exactly where Bakkt will prove to be helpful. The company will achieve the goal of securing and accessibility of cryptocurrencies and other assets.