Preparations have been announced for all the necessary tests of the crypto payment application designed by the father of Bitcoin Futures, Bakkt.

Bakkt has figured positively in the crypto market with Bitcoin Futures, but it can’t be stopped there. For this reason it has begun testing its crypto application for 2020.

Bakkt trajectory

Bakkt is the company that has been responsible for bringing the Bitcoin Futures theme to life, since the idea was born until its development. However, it is more than just this. This is a firm that emerges to take custody of cryptocurrencies, particularly Bitcoin, with the aim of naturalizing crypto. This refers to using cryptocurrencies as if they were traditional financial assets, similar to Fiat money.

It is precisely for this reason that the idea of ​​Bitcoin Futures is born, allowing users greater financial options than just a means of saving or payment. However, it has not stopped there.

Although the launch of this option was expected, Bakkt realized that it can improve this platform. Therefore, it will launch new opportunities and tools with Bitcoin Futures. You can read it in our article “Bakkt will launch options on their contracts”.

Crypto Application

However, they cannot be limited to this tool. For this reason, through a blog post, people from Bakkt announced that they are working on a crypto application for mobile devices. Stressing that the launch of the same is scheduled for the year 2020.

The Bakkt announcement generally indicates a desire to accelerate the conversion of digital assets into useful payment systems locally. This means that they seek to design a platform that facilitates payments with cryptocurrencies.

The company established:

“We are working to reduce friction in the use of digital assets to reflect their added value and to reflect an increase in purchasing power that was previously in the site”

Surprise support

To the surprise of the market in general, it seems that the famous coffee franchise has agreed to support this initiative, Starbucks being the mysterious ally.

Although the announcement is inaccurate about the specific features of the application’s features, Starbucks is the first major retailer to commit to the new payment application. Maria Smith, vice president of associations and payments for Starbucks, said:

“As a flagship retailer, Starbucks will play a critical role in developing practical, reliable and regulated applications for consumers to convert their digital assets into US dollars for use in Starbucks.”

The mechanism that Bakkt will use to exchange digital assets at points of sale remains unclear. Smith mentioned 15 million Starbucks Rewards members as a template for payments, but operations involving competing retailers and depending on cryptocurrencies present different challenges.

What's your reaction?
Leave a Comment