Bitcoin jumped briefly on Monday and caught flirting with $10000 mark – however, towards the end of the day, reports surfaced on the web, stating that Bakkt is launching a consumer app that will enable bitcoin payments at Starbucks by 2020.
Bakkt, a Bitcoin derivatives platform published a blog post to announce its proposed plan of launching a cryptocurrency consumer app and merchant portal. Per the announcement, the upcoming consumer app is expected to go live in the first half of 2020 and it explicitly stated that they will test it with Starbucks Corp, considering the coffee giant as its first launch partner.
“we’ll be launching a consumer app to make it easy for consumers to discover and unlock the value of digital assets, as well as ways in which they can transact or track them. Merchants gain access to a broader set of customers with expanded spending power.” Mike Blandina, chief product officer at Bakkt, said on the company’s blog.
It’s worth reminding that Starbucks is one of the slew of companies that announced its plan to work alongside Bakkt “to create an integrated platform” to facilitate consumers as well as institutions with the quick option to buy, sell and spend crypto assets on the global network. Notably, Starbucks is the leading brand in the US coffee market, operating nearly 30,000 stores across the world. While Bakkt is on a full swing to launch this app in the first half of the next year, the pilot program might bring the non-crypto audiences into the crypto-ecosystem via Starbucks.
“Bakkt’s approach to secure technology, privacy and innovation mean that we are an advocate for consumers who have yet to enter the digital asset space, and for merchants who want to accept new, efficient forms of payments without increasing risks,” said Mike Blandina.
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