Bakkt To Process BTC for Starbucks, Microsoft

There has always been a good deal of hype around Bakkt, starting from the announcement that the firm behind the New York Stock Exchange was teaming up with Starbucks and Microsoft to form a business completely revolving around crypto. Since their launch, they even managed to exceed expectations, but they also have a great deal in the works being constructed away from the spotlight. A source who would understand (that's as descriptive as they're allowing me to be) managed to give an update on some of what Bakkt has been working on behind closed doors.

They're trying to tackle some of crypto's top issues - adoption, and real-world use. They'll be doing it with products intended for either side of a trade, my source explained: "For the everyday person there's going to be a program for iOS and Android, with this you can purchase select cryptocurrencies, or use it as a wallet and simply deposit cryptocurrency obtained elsewhere. But this wallet isn't likely to be promoted as'storage' like others - this wallet is where you place the crypto you would like to spend." So with the wallet for the customer, next comes the merchant…"The other half will function as merchant services. The goal here is for any company to be able to implement this without any learning curve. Any business that currently takes Apple Pay or Samsung Pay - their workers already know what they need to know." Others have attempted similar - so what's different about Bakkt's alternative? There are dozens of businesses currently trying to be the one to bring crypto into the real world, but Bakkt believes they are the first who actually can. That's because funds available in the app will be ensured by Bakkt, and they think their promises carry the clout that other startups just do not. As we have all experienced, occasionally transactions can take longer than we want, and WAY longer than you would want to stand at the counter of a business awkwardly waiting for it to clear. But any funds sent via the program will clear immediately, at least as far as the retailer and client are concerned - even when the actual transaction on the blockchain lags behind."Bakkt essentially pays for it, then gets reimbursed a couple of minutes later when the crypto transfer is complete" my source explained. Merchants will have the choice to have the transaction deposited to them as USD, or keep it in crypto. This is another huge point as crypto's volatility can frighten some businesses away from using it, but those using Bakkt's merchant solution can rest easy knowing they will receive the specific amount they charged, in USD, even if the consumer paid in crypto.

Possibly Bakkt's biggest advantage - Starbucks will be giving these products a massive jump start as the first business you will be able to pay with crypto at utilizing the Bakkt wallet. This is not just a way to get a lot of people to download the wallet, it's a selling point that will convince a lot of merchants, as my source explained: "Any merchant on the fencing will be convinced when they hear Starbucks trusts this tech at their tens of thousands of locations. Once they try it themselves they will see, there is no great reason not to implement it."