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Bakkt, the cryptocurrency platform owned by the Intercontinental Exchange, is reportedly on track for “phase two” of its operation, which includes its partnership with Starbucks and Microsoft.
The plan was first announced in August and is now six months from launch, reports The Block, citing a direct source.
The update comes on the heels of Bakkt delaying plans to roll out its new physically-backed Bitcoin futures product. The new date for that initiative is January 24th, pending approval from regulators.
Phase two of Bakkt is designed to utilize Microsoft’s cloud solutions to allow people to buy, sell, store and spend cryptocurrencies on a global network. The plan will also give Starbucks customers a way to convert crypto to US dollars to make purchases.
In August, the vice president of partnerships and payments at 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 is designed to tap into the Millennial crowd that’s driving the mobile economy and to integrate Bitcoin into everyday life, making it a practical payment option on a nationwide scale at a top retailer.