The previous days has seen Starbucks initiate a grand association with the Intercontinental Exchange (NYSE: ICE), BCG and Microsoft announcing a whole new crypto-market platform they titled as the Bakkt. Though Starbucks has hailed the cryptocurrency as the future means of financial transactions by pulling off the afore-mentioned feat, they turned the crypto-analysts down as not fully welcoming bitcoin into their franchises all around the globe.
The fantastic four conjoined heads so as to provide to the user, a better and a safer virtual asset transfer network without the chaos of scammers and fraudulent agents involved. They aimed to garner more investors to increase the crypto-capital to further heights but there were some speculations involved, as a matter of fact, that regarded the move to indirectly devalue bitcoin as per the NYSE (The New York Stock Exchange) influence.
Analysts and enthusiasts speculated that now that the major coffee retailer has partnered in, to bring the crypto-reform across the globe, they would probably announce their local franchises to operate over bitcoin. The news was heavily feature over much of the news platforms and was indeed an obvious hunch too. The likes of CNBC were put to subtle disarray by the coffee retailers as they denied welcoming in the bitcoin fully into their system. Bloomberg speculated as similar future as everyone that seemingly we would eventually end up witnessing Starbucks incorporating bitcoin to introduce fixing oneself with a meal using virtual currency.
A representative of Starbucks has issued the denial of the coffee retailers towards accepting bitcoin. Starbucks states, via the representative that the they have not included the virtual currency into their established system of financial transfers but rather they are eager for people to “spend them”. Bakkt, according to Starbucks, was a mere way to deal in the cryptocurrency and a way to get the virtual assets transferred to solid cash. The franchises are supposed to accept only concrete money. Though CNBC has had the news headlined wrongly, paying a close look over Maria Smith’s words , the vice president of partnerships and payments for Starbucks we can pick out that Starbucks did not intend to give piece to bitcoin to begin with. She stated,
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 words do state that Starbucks intends to provide to the user a practical, trusted and a regulated app that can ensure a safer route to converting virtual assets to so US dollars to be eventually used at Starbucks. Analysts did not pay any particular heed to the comments though as the inclusion of Starbucks among the juggernauts was a far better news to construct.
Brain Kelly from CNBC did not openly announced Starbucks as warm heatedly welcoming in bitcoin rather he had a foggiest notion that things might escalate from there in the bitcoin-Starbucks situation. He stated,
Starbucks is seeing some kind of demand for acceptance of crypto and bitcoin, and to tie up with a huge regulated institution like the ICE is really positive for the space.
The Starbucks representative did state the very words as spoken by Maria Smith of Starbucks making it obvious that people cannot, yet, buy their daily dosage of coffee with bitcoins and that Bakkt is the way to get one’s cryptocurrencies exchanged if people want to buy their Starbucks coffee. The representative state,
It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.
The words then turned rather straightforward that bore nothing what the crypto-lovers wanted to hear, the open denial of bitcoins to be included in the system.
Customers will not be able to pay for Frappuccinos with bitcoin.
The key here is that major companies have started setting sights over the excessive demand in the crypto-market and have reacted towards the emerging trend though not accepting it fully. It is the right thing to do, too for the time being as the crypto-market as per late, lacks a reliable pathway towards the completion of a asset transfer from a party to another without being the third parties being a fraudulent hindrance. Sound analysts have pointed out that we do have reached a milestone and things are ready to take off in the positive direction from now on. As we see various trusted ways in and out of the crypto-world, major companies will start wandering in the crypto-market pouring in major cash. If the crypto-market does not offer transparency, major companies would not put their share into the crypto-world as there would be scammers and hackers lurking around ready to snatch the immense of finance out of the companies wallets and make a run for it vanishing into thin air. As Fortune explains the very trend should be followed in a safe yet continuous manner in order to one day witness the cryptocurrency turn out a supplant to concrete money, they state,
The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions. The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments. The next step after that could be using Bitcoin to replace your credit card.