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The cryptocurrency market is slowly creeping into the mainstream industry as large companies are reportedly trying to enter this new field. This could mean a lot to Bitcoin and other digital assets as these companies will further expose the crypto market to average investors.
This new development involves the creation of another platform – dubbed Bakkt – that would allow for the conversion of cryptocurrencies like Bitcoin to U.S. dollars. The partnership will have the New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE) work with corporate giants like Starbucks, BCG, and Microsoft, Forbes reported.
However, following ICE’s announcement, multiple trustworthy publications – including Bloomberg and CNBC – rolled out false reports saying that the partnership means Starbucks will be accepting Bitcoin as payment. After this misunderstanding exploded, Starbucks announced that they are not going to accept Bitcoin as a form of payment and clarified that the partnership will be focusing on the conversion of crypto to fiat.
“At the current time, we are announcing the launch of trading and conversion of Bitcoin,” Starbucks said. “However, we will continue to talk with customers and regulators as the space evolves.” The press release also went into detail about this new venture and what exactly it is.
“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearinghouse plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval,” Starbucks explained.
ICE said in May that they’re planning to have physically delivered BTC futures contracts and this announcement is a confirmation of the exchange’s past statement. While Bitcoin has yet to turn the tables against the bears, this new development will certainly play a vital role in reversing the market trend. Bitcoin is currently trading at $7,011, down from its recent high of $8,500 seen in the last couple of weeks.
