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Bakkt, the cryptocurrency platform owned by the Intercontinental Exchange, is reportedly on track for”phase two” of its own operation, which includes its partnership with Starbucks and Microsoft.
The strategy was initially announced in August and is now six months from launch, reports The Block, citing a direct source.
The upgrade comes on the heels of Bakkt delaying plans to roll out its own fresh physically-backed Bitcoin futures merchandise. The new date for this initiative is January 24th, pending approval from regulators.
Phase two of Bakkt is designed to utilize Microsoft’s cloud options to permit folks to buy, sell, store and invest cryptocurrencies on a global community. The plan will also give Starbucks clients a means to convert crypto into US bucks to make purchases.
In August, the vice president of partnerships and payments in Starbucks, Maria Smith, said,
“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.
As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
The move was made to tap to the audience that’s driving the cell market and to incorporate Bitcoin into everyday life, which makes it a practical payment option on a nationwide scale at a leading retailer.