By Sabina Muradova
On Apr 05, 2021
Starbucks customers will now be able to start paying for their orders in cryptocurrency via a Bakkt digital wallet application that converts Bitcoin into U.S. dollars.
Founded in 2018, Bakkt Holdings, LLC is headquartered in Atlanta. The transformative digital asset marketplace enables institutional and accredited investors to receive BTC exposure through its regulated platform.
Launched by the Intercontinental Exchange (ICE) – an operator of global exchanges, Bakkt was initially a trading venue for exchanging Bitcoin futures and options.
The brainchild of the New York Stock Exchange owners, Bakkt announced it is launching the Bakkt App, a game-changing digital wallet app with companies such as Starbucks among its roster of merchant partners. According to the statement, the payments app would serve as a digital wallet that “brings together Bitcoin and other forms of digital assets into one platform.”
Last March, Starbucks quietly tested a cryptocurrency payment app in some of its U.S. locations. This test app is now coming true. Starbucks customers can now pay with Bitcoin via the Bakkt App.
Bakkt has announced that customers can use Bitcoin, gift cards, and even frequent flyer miles to reload their Starbucks cards through the coffee chain’s own app. Starbucks, meanwhile, does not directly accept Bitcoin in stores as a form of payment. Karl Hebert, Starbucks vice president for the Global Card, trade and payments, said in a press release:
“Our teams worked closely as Bakkt sought to help develop a unique and reliable payment experience that enables customers to unlock the value of their digital assets in the form of U.S dollars. We are delighted that customers now have the option of using Bakkt to load their Starbucks Card into the Starbucks app and then use it to pay at Starbucks.”
As interest in the global cryptocurrency market grows, Bitcoin payments continue to become more and more mainstream. Bakkt said in a press release that more than 500,000 users participated in its invitation-only trial program. To encourage people to download the platform, the company is also conducting a $1 million giveaway.
Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.