Many in the cryptocurrency community have expressed disdain that the launch of Bakkt, the product that was meant to be the new platform for digital asset trading and settlement, has been pushed back to 2019.
The Intercontinental Exchange – the parent company of the New York Stock Exchange – and its Bakkt launch was thought to be a major catalyst for institutional money to flow into the cryptocurrency markets. Tom Lee, a permabull that has been featured on Bloomberg, and managing partner of Fundstrat Global Advisors, has referred to the event as an important catalyst for cryptocurrency markets.
However, just because Bakkt has pushed back the launch of Bitcoin futures platform, that doesn’t mean that its other plans aren’t on schedule. Specifically, Bakkt wants to help to incorporate cryptocurrency with regards to two of its major partners, Microsoft and Starbucks.
This certainly can help with mass adoption, as many in the cryptocurrency sector have said that the market capitalizations of certain cryptocurrencies will truly flourish when individuals can use them in their daily lives, and for regular purchases.
Starbucks, Astor Place, New York City
Maria Smith, the Vice President of Partnerships and Payments for Starbucks, spoke about the partnership in August, stating:
“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.”
The partnership will also utilize Microsoft’s cloud network for individuals to store, buy, sell, and spend cryptocurrency.