Starbucks = Moon Buck$ for Cryptocurrency Hodlers

In the biggest crypto news of 2018, it was announced this morning that Starbucks is collaborating with Microsoft and the Intercontinental Exchange (ICE), owners of the New York Stock Exchange (NYSE) in addition to other global marketplaces, to launch a startup venture called Bakkt that will allow for on-ramps to crypto assets for institutional and retail investors in a federally regulated fashion. Starbucks, Microsoft, and ICE have reportedly been working on this venture furtively for nearly 14 months with the motivation to create a platform for Bitcoin and cryptocurrencies to be utilized as mainstream currencies. This November, Bakkt will go live giving retail and institutional investors the opportunity to buy, sell, store and spend cryptocurrencies. Maria Smith, VP of Partnerships & Payments for Starbucks commented that “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.” Will cryptocurrency hodlers become crypto spenders at Starbucks? We will find out in November.