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“In the past year, we have formed a strong team of payment engineers, and our core payment and compliance platform is nearing completion.
We are now focusing on the development of consumer applications and merchant portals, and testing with our first partner, Starbucks, which we expect will be available in the first half of next year. ”
Mike Blandina, Bakkt's chief product officer, explains a complete payment system where an average individual has an account for buying and selling and trading Bitcoin, and they can also pay through an application.
This means that this does not necessarily involve a blockchain, so scalability is not an issue. The idea here is that Bakkt itself is a payment platform where individuals can deposit or purchase bitcoin and send it to merchants who also open accounts at Bakkt. Bakkt said:
“We will be launching a consumer app that will make it easier for consumers to discover and unlock the value of digital assets and provide them with the means to trade or track these assets. Merchants can expand their spending power to reach a broader customer base. ”
Chairman Starbucks hinted last year that this bitcoin payment might be introduced, and it seems that this seems to confirm that the world's largest coffee chain is trying to accept bitcoin payments.
It is unclear whether Starbucks will eventually support other cryptocurrency payments, but interestingly, they refer to digital assets and not just bitcoin, so Ethereum or other cryptocurrencies may be the next accepted currency.