Starbucks Will Accept Bitcoin For Lattes Later This Year

Marco Green
August 4, 2018

This will create a globally regulated and open marketplace for digital asset users. To achieve this, ICE will be using Microsoft's cloud-based services. Bakkt will include "federally regulated markets" as well as "merchant and consumer applications".

The firm, which previously dove into the market for digital assets via a data feed product earlier this year, had reportedly been exploring a cryptocurrency exchange platform.

Though Bakkt is intended for multiple digital assets, the company says its first use case will focus on bitcoin, by building a platform for trading and converting the cryptocurrency.

To the extent that ICE serves as a self-described "on-ramp" for the integrated safety and reliability of digital assets, Bakkt CEO Kelly Loeffer remarks that the Bakkt team is "collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce".

The platform would allow folks to buy and sell digital assets. A partnership of tech and retail companies that includes Starbucks and Microsoft plans to back a new company created to address that shortcoming.

In a statement, Maria Smith, the vice president of partnerships and payments for Starbucks, asserted, "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 USA dollars for use at Starbucks".

As part of the effort, ICE plans to introduce a one-day futures contract in November that differs from derivatives already offered by USA competitors CME Group Inc. and Cboe Global Markets Inc. because it's physically delivered, meaning owners of the contract will get Bitcoin, not cash, upon expiration. On the other hand, ICE is highly regulated.

The Bitcoin venture hopes to introduce a one-day futures contract in November that differs from derivatives already offered by United States competitors CME Group and Cboe Global Markets.

These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies.

Bakkt is now making the final preparation of its launch as further operational details will be announced in the coming weeks.

Other reports by Click Lancashire

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