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Cryptocurrency Derivatives Series: Spotlight on Bakkt’s Agenda, Set-up of BTC Payments Mechanism In Starbucks

Bakkt is designed to fortify Bitcoin’s fundamentals in addition to facilitating trading mechanism. They reckon that the collaboration with tech giants like Microsoft and retailer Starbucks, likely to incubate the advancement of the pragmatic and useful applications that are essential to attracting mass cryptocurrency adoption in the upcoming generation.

Bakkt’s agenda for 2019: Bakkt is intending to equip with a wide range of crypto-related services this year. The Intercontinental Exchange (ICE) owned firm is striving smartly to unveil the physically-backed Bitcoin futures that were deferred for the approval from the US Commodity Futures Trading Commission.

Hence, crypto radicals should now be holding their nervous until the launch of Bakkt’s Bitcoin ETF for final approval from the SEC. While the commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the SEC explained.

Bakkt’s Integration of BTC Payment Mechanism In Starbucks: There seem to be a “significant equity” holdings by Starbucks in the Bakkt’s crypto platform which is an upcoming important data for crypto-industry, based on a part of a mutually beneficial pact, Starbucks, the renowned food chain in the world who specializes in providing the beverages and snacks especially, has reportedly earned their shares.

Bakkt’s payment software is all set to install in Starbucks’ stores, that customers could utilize to pay via cryptocurrencies. While for the customer who uses this platform, those cryptos could also be converted to fiat swiftly, veterans perceive this move is likely to benefit on both Starbucks and Bakkt’s sides.

Maria Smith, the company vice president of partnerships and payments, ran us through by emphasizing the firm’s objectives of this move that can strike a chord in developing practical, trustworthy and regulated applications for customers to exchange their crypto-assets into the fiat at the Starbucks outlets.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 107 (which is bullish), while the hourly USD spot index was at 106 (bullish) at 08:52 GMT.

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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