A new cryptocurrency platform called Bakkt is being launched which intends to use Microsoft cloud solutions to create an open and regulated global ecosystem for digital assets, and Starbucks will be the flagship retailer working with Microsoft to help launch this platform.
According to Maria smith, VP of Partnerships and Payments for Starbucks, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks.
The Bakkt ecosystem is expected to include federally regulated markets and warehousing, together with merchant and consumer applications.
Intercontinental Exchange, an operator of global exchanges, clearing houses, data, and listings services, plans to form the new company to create an integrated platform that enables consumers and institutions to buy, sell, store, and spend digital assets on a seamless global network.
However, Starbucks will not be accepting bitcoins for coffee at their stores, as was first reported and was quick to point out that it is working to develop a system that makes it easier to convert cryptocurrencies to cash – not accepting bitcoin for coffee!