#CryptoCorner: Bakkt (NYSE: $ICE) Outlines Future Plans Including Starbucks (Nasdaq: $SBUX) Digital Payments, Twitter (NYSE: $TWTR) and Square (NYSE: $SQ) CEO Jack Dorsey Participates in CoinList Funding Round
IBM (NYSE: $IBM) Joint Report Projects CBDC in the Next 5 Years
Point Roberts, WA, Delta BC October 30, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market.
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Stocks discussed: (NYSE:ICE) (NasdaqGS:SBUX) (NYSE:TWTR) (NYSE:SQ) (NYSE:DB) (NYSE:IBM)
Bakkt, the digital assets firm owned by Intercontinental Exchange (NYSE:ICE), published a blog post outlining its plans for payments focus. These include an effort to reduce friction in the use of digital assets, a planned consumer app enabling easier market access, and increasing control merchants have over costs and customer engagement. The blog concludes with an indication that coffee giant Starbucks (NasdaqGS:SBUX) will begin accepting digital payments in partnership with Bakkt in 2020.
Over the last year, we’ve assembled a strong team of payments engineers and are nearing completion of our core payments and compliance platform. We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year.
Cointelegraph quotes Starbucks’ vice president of partnerships and payments, Maria Smith:
“Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.”
Jack Dorsey, CEO of Twitter (NYSE:TWTR) and financial services company Square, Inc. (NYSE:SQ), has participated in a $10 million funding round for crypto startup CoinList, according to a report from CCN. CoinList helps manage token sales or ICOs for companies, having “conducted more than 50 token sales where over half a billion dollars has been raised”. According to Dorsey, CoinList has future plans to launch a cryptocurrency trading exchange.
Chinese outlet Sycaijing.com reports that Bitcoin (BTC) mining giant Bitmain has “secretly” submitted a listing application with the U.S. Securities and Exchanges Commission (SEC). According to the article, this application was sponsored by Deutsche Bank (NYSE:DB).
A report on central bank digital currencies (CBDCs) conducted by IBM (NYSE:IBM) and the Official Monetary and Financial Institutions Forum (OMFIF) concludes that a CBDC in some form is expected to launch in the next five years. An excerpt reads:
The principal conclusion is that we are likely to witness the introduction of a central bank – that is fiat – retail digital currency within the next five years, either as a complement to or as a substitute for notes and coins. It is improbable that the first such issuance will come from a G20 central bank; it is considerably more likely to be launched in a smaller and less complex economy in response to a specific policy objective and use case. This may relate to improving the overall effectiveness and resilience of a national payments system by reducing the prevalence of cash. Alternatively, it could be associated with extending financial inclusion; reducing the size of the dark economy; countering financial crime; or for a specific purpose, such as transforming the cross-border transmission of migrant worker remittances.
Sam Mowers, Investorideas
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