Starbucks, Microsoft & Intercontinental Exchange (ICE) Create A Crypto-Venture Exchange
Starbucks teams up with Microsoft and Intercontinental Exchange (ICE) to launch a platform that enables people and companies to buy, sell, store and spend digital assets, such as Bitcoin, in a seamless global network.
The new undertaking, Bakkt which is designed to enable consumers and institutions to seamlessly buy, sell, store and spend digital assets, will use Microsoft’s cloud technologies for a digital asset ecosystem that encompasses and covers federally regulated markets and warehousing services, as well as trade and customer application programs.
Basically, Intercontinental Exchange (ICE) plans a one-day futures contract for Bitcoin. This means that, unlike similar offers from Cme Group and Cboe, contract owners will receive Bitcoin and not cash, at the expiration of the contract. The launch is scheduled for November, subject to the approval of the CFTC.
Starbucks is not listed as an investor. Instead, the coffee giant will help develop ways to finally take out crypto-currency payments in the first place.
Maria Smith, VP of Partner Relations and Payments says: “As a retail leader, Starbucks will play a key role in developing practical, reliable and regulated consumer applications to convert its digital assets into US dollars for use in Starbucks.”