Bitcoin derivatives provider, Bakkt, has now launched a new digital asset platform. Using the mobile app Bakkt Cash, customers will be able to pay for their drinks at Starbucks with crypto-currencies. Bakkt’s parent company, Intercontinental Exchange (ICE), has been working on this step since 2018.
Bakkt App payment integration for Starbucks
In a 2018 Starbucks press release, Maria Smith, Vice President of Partnerships and Payments at Starbucks, said, „As a flagship retailer, Starbucks will play a critical role in developing practical, trusted and regulated applications for consumers to convert their digital assets into U.S. dollars for use at Starbucks. As the leading provider of mobile pay for our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation to expand payment options for our customers.
In a financing round, the crypto initiative Bakkt collected a total of 300 million US dollars. The company intends to use the money primarily to expand its services for digital assets. Among other things, this capital is to be used for the development of the Bakkt App.
Ambitious plans become reality
Bakkt President Adam White posted on Twitter: „As global markets lose trillions of dollars, it is more important than ever to give consumers new purchasing power. We are also reducing payment costs for merchants, which ultimately improves their financial results. Open your@Starbucks app to see our first direct integration and select@ Bakkt to sign up for our Early Access Program“.
Anyone wishing to take advantage of the Bakkt and Starbucks offer must register for the Early Access Program. After registration, customers can then use the payment integration for their lunch break at Starbucks.