More Exciting than Bitcoin for Coffee?
Aug 20 2018
<h5>You might have recently heard rumblings of Starbucks and Bitcoin in the same sentence.</h5> <p>These not so quiet rumblings began with Jeff <g class=gr_ gr_102 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=102 data-gr-id=102>Specher</g>. Jeff <g class=gr_ gr_104 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=104 data-gr-id=104>Specher</g> is the chairman of Intercontinental Exchange (ICE). ICE is the parent company of the New York Stock Exchange. Jeff has just launched a new venture — a venture with aims to make Bitcoin a global trusted currency. How? By creating a federally regulated crypto ecosystem — Bakkt.</p> <h5><g class=gr_ gr_105 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=105 data-gr-id=105>Bakkt</g></h5> <blockquote> <p>“In bringing regulated, connected infrastructure together with institutional and 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,”<br />Jeffrey C. Sprecher, Founder, Chairman and CEO of Intercontinental Exchange.</p> </blockquote> <p></p> <h5>Regulated Super-Highway-On-ramp for Bitcoin.</h5> <p>So Starbucks is not creating Crypto. However, the real news behind this headline is way more exciting. <br /><g class=gr_ gr_91 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=91 data-gr-id=91>Bakkt</g> will function as a gigantic on-ramp into the realm of Bitcoin.</p> <p>Every broker-dealer connected to ICE and the NYSE would have Bakkt as a possibility to trade. Each broker knowing settlement would be within its own warehouses and ecosystem and regulated. A regulated custodian of this magnitude is massive news.</p> <p>The really juicy news for cryptocurrency is the very real and present possibility that fund managers in the US could be buying and selling Bitcoin for clients as soon as November this year! A likely run of bitcoin-backed Exchange Traded Funds or mutual funds from Baby Boomer to Millennial investment dollars seems on the cards. The scope and scale of this project <g class=gr_ gr_101 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace id=101 data-gr-id=101>is</g> beyond exciting.</p> <h5>So… Coffee & Crypto?</h5> <p>Again, not yet. Starbucks is the leader in the field of mobile App payment solutions — having more users than Google and Apple Pay — they hope to bring this applied knowledge to <g class=gr_ gr_92 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=92 data-gr-id=92>Bakkt</g>.</p> <blockquote> <p>“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 US dollars for use at Starbucks,”<br />Maria Smith, Vice President, Partnerships and Payments for Starbucks.</p> </blockquote> <p></p> <h5>The Promised Landing…</h5> <p>The long-term feature of the <g class=gr_ gr_94 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace id=94 data-gr-id=94>Bakkt</g> ecosystem is an intention to disrupt traditional retail payment shifting from credit cards to Bitcoin wallets at the register. So stay tuned. On-Ramping traditional investors <g class=gr_ gr_96 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar multiReplace id=96 data-gr-id=96>seems</g> like just the beginning.</p>