Connect with us

Blogs

Starbucks Corporation (NASDAQ:SBUX) Not Going Full Crypto After All

Published

on

Starbucks
READ LATER - DOWNLOAD THIS POST AS PDF

According to the recent reports, the news about Starbucks going full crypto that made numerous headlines by the end of last week turned out to be false and misleading.

No Frappuccino for BTC users just yet

The internet was hyped after recent reports of Starbucks deciding to go crypto an accept Bitcoin (BTC) and possibly altcoins as a valid method of payment. The news especially hit Twitter, with a lot of people tweeting that new partnership that includes the ICE (Intercontinental Exchange), an operator for the NYSE (New York Stock Exchange), as well as Microsoft and Starbucks, might mean that cryptos will become a valid payment method for Frappuccinos.

However, while the partnership is real, and it will include the creation of Bakkt, a new global platform, as well as a new ecosystem for various digital assets, the news that Starbucks will officially accept cryptos is not. The misleading reports came as a misunderstanding, with various media outlets, like CNBC and even Bloomberg, jumping to conclusions.

The misunderstanding led to these media outlets running headlines that indicate that Starbucks’ partnership with Microsoft will allow Bitcoin and altcoin payments. However, Starbucks’ spokesperson clarified the situation, stating that this is, in fact, not true. According to the statement, Frappuccinos for Bitcoin will not be a thing anytime soon. Instead, the company will simply participate in the creation of the new platform called Bakkt.

Details about the platform

Bakkt will allow the conversion of cryptos into dollars, with the process resulting in those dollars being used at Starbucks. The spokesperson pointed out that the platform will allow conversion, and even trading of cryptos, but not their use at Starbucks locations. However, the company did not say that this might never come to pass. As the crypto space evolves, they will continue to talk with both, the regulators, as well as their customers, to maybe get to that point in the future.

The official press release issued by Starbucks last Friday has offered more details regarding the project. One statement, in particular, indicates that, if proper regulations arrive, the project might see the inclusion of Bitcoin futures, which would be physically delivered.

The news of ICE considering the launch of physically-delivered Bitcoin futures contracts has been mentioned as far back as in May of this year. Back then, the report came from the New York Times, and many have speculated if it will actually come to pass. Now, according to the new announcement, it might become one of the aspects of this new partnership.

Additionally, this might bring more trust to cryptos in general, considering how big and respected ICE is. One of the former executives of Wall Street mentioned back in July that this might be just what institutional investors need. Due to the general mistrust toward cryptos, it was said that the crypto market needs a trusted name to back it up. This might be a bank from Japan, HSBC, Goldman Sachs, or ICE. Now, it would seem that ICE will be the way to go, and big things might be awaiting the crypto market soon.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite