Have you ever imagined an exciting experience that you can realize with Starbucks however with cryptocurrency? Well, you won’t believe but your dreams may come true to buy coffee with cryptocurrency – Bitcoin through an American coffee and beverage retailer Starbucks Corporation. The company is associated with the world’s largest exchange operators – Intercontinental Exchange Inc. (ICE) that has organized a venture naming Bakkt which is designed to integrate and incorporate digital currencies into the commercial transaction globally. Amongst the huge wave that the crypto major Bitcoin attained last year, it is not widely used to trade actual goods in most of the countries around the world. When it comes to utilizing the blockchain technology, only a few have created a successful business model to scale up through cryptocurrency led transactions, however, there are many companies out there that have not been succeededd in this space as criticized by ICE.
According to the CEO of Bakkt, Kelly Loeffler, who was heading Intercontinental Exchange Inc. (ICE) so far, Bakkt promotes digital assets with greater efficiency, security, and utility for consumer, merchant and institutional clients and so it requires all of them under the one roof with a scalable business model of “Bakkt”. The open platform has been created by Bakkt that unlocks the huge transformative potential that the digital assets have in place across the markets globally.
With this, ICE wants to introduce a single day futures contract in the coming month mostly in November that differentiates derivatives transaction already provided by CME Group Inc. and Cboe Global Markets Inc. U.S. competitors. What differentiates ICE is the delivery model that it has in place where the owners of the contracts will get Bitcoin and not cash upon expiration. Let us not forget that the physical delivery is important to numerous players in the market especially those are in finance that don’t trust the unregulated markets where the trades executed through cryptocurrency. On the contrary, ICE is highly regulated so it gives an edge to think outside of the box and compete with the existing players with a variety of business models in place.
Needless to say that the other financing transactions companies are there in the market criticize the ICE’s concept. Both the companies – Starbucks Corporation and Microsoft Corporation jointly offer consumers and institutions a variety of transactions like buy, sell with digital assets however under the one roof.
Additionally, all the stakeholders involved in the concept like ICE, a venture capital arm of Microsoft, investors in Bakkt may associate with the Fortress Investment Group, Galaxy Digital, Eagle Seven, Horizons Ventures, Alan Howard, Pantera Capital, Susquehanna International Group, Protocol Ventures as per the official source of ICE.
Let us not forget that as and when people have started recognizing the new technology, they would like to scale up and grow with it to the extent that the new technology may prove to be the cost-effective and long-term one!!