You could soon use bitcoin to buy a venti latte at Starbucks Corp. (SBUX) .
The coffee retailer announced a partnership with Intercontinental Exchange Inc., one the world's largest cryptocurrency exchange operators. The exchange recently created a venture called Bakkt that aims to integrate cryptocurrencies into global commerce.
"Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility," said Bakkt CEO Kelly Loeffler, according to Bloomberg. "We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce."
Some of the other companies Bakkt is partnering with include BCG and Microsoft Inc. (MSFT) .
Bitcoin prices were pairing losses Friday morning, but are still down 0.82% to $7,472.90. The cryptocurrency is up 13.5% over the past four weeks.
Bitcoin has not been able to break into the mainstream as very few retailers accept the digital currency as a form of payment. The biggest obstacle to the adoption of bitcoin and other cryptocurrencies as a reliable form of payment has been the volatility of the currency's price.