Bakkt, a digital asset platform which is set to introduce the very first physically-settled bitcoin futures, will launch later this year. And, according to Alec Ziupsnys, the launch could legitimize the dominant cryptocurrency before 100 million potential users per week.<\/p>\n
The chief innovation officer at BlockEdge Capital tapped on how Bakkt’s partnership with Starbucks was a key to bitcoin awareness. He suggested that the American coffeehouse chain was processing the mobile transactions of up to\u00a025.6 million every day. In comparison, Apple Pay and Google were handling a lesser 24.5 million and 12.4 million sales every day, respectively.<\/p>\n
https:\/\/twitter.com\/AlecZiupsnys\/status\/57937408<\/p>\n
The statement followed months of speculation about Starbucks accepting bitcoin<\/a> as one of the payment methods. At the time of Bakkt announcement, media had wrongly perceived the story as the coffeehouse chain’s interest in bitcoin.<\/p>\n However, in a clarification shared with Motherboard, Starbucks admitted that it was not going to accepting bitcoins anytime in the future. At the same time, the company said that its partnership with Bakkt would focus more on helping people who want to spend their bitcoins.<\/p>\n \u201cIt 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,\u201d a Starbucks spokesperson told<\/a> Motherboard. \u201cAt 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 space evolves.\u201d<\/p>\n There are around 14,606 Starbucks stores across the world, according to Statista. As of now, these stores have an average of just over 500 customers every day. But, according to a report<\/a> from Trefis, a US-based market analysis firm, the number would grow to more than 750 by 2020.<\/p>\n The study found that an expanded food menu, a mobile app, and introduce fresher mobile payment options would back Starbucks’ growth. That said, considering the coffeehouse chain will not open new stores, the total number of users it would serve could reach a minimum 11 million every day.<\/p>\n 7\/ Phase two is a mystery. Bakkt hasn't said what it is or when it's coming.<\/p>\n Given all the talk about "spending" via Bakkt, I'm guessing it's some type of consumer-grade payment system. Maybe the kind you'd use at Starbucks to buy coffee with bitcoin. We'll have to wait and see.<\/p>\n — Jake Chervinsky (@jchervinsky) November 6, 2018<\/a><\/p><\/blockquote>\nAnalyzing Ziupsnys’ Statementon Bitcoin<\/h2>\n
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