After months of deliberation, hype, and regulatory hurdles, Bakkt—the cryptocurrency exchange backed by the New York Stock Exchange, Microsoft, and Starbucks—has officially launched.
On Monday, July 22, Bakkt began comprehensive testing of the first regulated, physically delivered Bitcoin futures in the U.S. market. While specifics about the testing participants and methodology remain undisclosed, this milestone signals a significant step forward for the cryptocurrency industry.
Bakkt Pay: A Crypto Payment Wallet for Retail Users
Before its beta release, Bakkt hired Chris Petersen, a former Google Pay product expert, to develop Bakkt Pay—a cryptocurrency payment wallet. Despite delays in launching Bitcoin futures, Bakkt has expanded its team and product offerings.
Petersen, who contributed to Google Wallet’s design, will help Bakkt diversify beyond futures contracts. Insider reports suggest Bakkt may release a mobile app post-futures launch. The company’s website highlights its focus on digital payments:
"Consumers, merchants, and peers will gain the ability to transact with digital assets, as global currencies evolve beyond speculative assets. Bakkt will collaborate with forward-thinking merchants to unlock the potential of digital payments."
Can You Buy Starbucks with Bakkt’s Beta?
Bakkt’s high-profile backing fuels its appeal:
- Investors: ICE (Intercontinental Exchange), Boston Consulting Group, Galaxy Digital, Horizons Ventures (Li Ka-shing), Microsoft’s M12, Pantera Capital, and others contributed to its $180M+ funding.
- Starbucks Partnership: The coffee giant holds a "significant equity stake" and plans to integrate Bakkt Pay in U.S. stores, converting crypto to fiat for seamless payments.
While not as vast as Facebook’s 2.7B user base, Starbucks’ 15,000+ global locations adopting Bakkt could accelerate crypto adoption.
FAQ
1. What is Bakkt?
Bakkt is a regulated cryptocurrency platform offering physically delivered Bitcoin futures and digital payment solutions like Bakkt Pay.
2. Can I use Bakkt Pay at Starbucks?
Currently in beta, Bakkt Pay is expected to roll out for crypto-to-fiat transactions at Starbucks U.S. stores soon.
3. Who backs Bakkt?
Major investors include ICE, Microsoft, Starbucks, and prominent VC firms like Pantera Capital.