Starbucks is looking to soon allow bitcoin payments in their American stores this year. This plan is part of a deal between the coffee company and crypto platform Bakkt. Starbucks is heavily involved in the development of a card and an app that will be used as Bakkt’s first merchant platform.
It has been known for a while that Starbucks and Bakkt are working together. First messages about the collaboration came from August 2018. But it has been quiet ever since.
Financial details of the deal are not know, but insiders call the agreement ‘mutually beneficial’. It’s rumored that Starbucks has been granted shares in Bakkt, even though the percentage is unknown. Sources from media outlet The Block claim it’s a disproportionately high percentage, considering there’s no money involved in this deal.
However, coffee-lovers in the United States will be able to use Bakkt software to pay in Starbucks stores across the country. The software instantly flips crypto into fiat, and Starbucks gets their dollars.
This means Starbucks will not receive any bitcoin, and the company will not have cryptocurrency wallets involved in their business. However, it’s a major jump to see an established mainstream brand like Starbucks making such a move into crypto.
Even though this is Starbucks’ first step into crypto, it was already possible to get gift cards through crypto. Websites that offers delivery services for Starbucks products are also already accepting payments in crypto. Now which company next? McDonalds?