Launched on September 23rd, Bakkt – a bitcoin futures exchange and digital assets platform founded in 2018 reportedly has $18.7 million trading volume in Bitcoin over the last week despite a slow start.
Recently, the giant exchange platform has revealed to public on their project to introduce a cryptocurrency payment app for users in 2020. Once the platform is ready, consumers will then be allowed to spend bitcoin on their coffee purchases at Starbucks.
Mike Blandima, chief product officer for Bakkt explained in a blog post that the firm is now concentrating on the growth of the service and a trade platform first while running tests of the site with Starbucks. The project is expected to complete early 2020.
Bakkt has always been focused on creating an open ecosystem for the crypto industry by providing a secured place for both consumers and institutions to store, send and receive bitcoins. Moving forward and with the deployment of the service platform, the firm will branch out to using other digital currencies.
Notably, the consumer app will not provide direct Bitcoin payment to stores. Instead, Bakkt will aid in the exchange of digital currency Bitcoin to fiat currency, USD before the fund is transferred to Starbucks, as what the giant coffee retailer cleared up to the public.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.