This year, Starbucks supported Bakkt will give customers the option to pay with bitcoins
March 5, 2019
What does cryptocurrency have to do with coffee?
This is one of the first issues that arose last August, when Starbucks coffee chain announced a partnership with Bakkt — a cryptocurrency platform supported by Intercontinental Exchange (the owner of the new York stock exchange), and focused on institutional investors. The only explanation they gave at the time was that Starbucks, as a leading retailer, would play a key role in the development of Bakkt products.
As it became known to the publication of the Block, now Starbucks plans to provide its customers with the opportunity to pay with bitcoins before the end of this year, using Bakkt software, which will instantly convert cryptocurrency into Fiat (digital assets will not appear in the financial statements of Starbucks).
Starbucks has not invested in a cryptocurrency platform, but, according to the initial partnership statement, their cooperation has mutually beneficial terms. The Block's information matches an earlier statement from Starbucks last August, in which the company noted that customers will not be able to pay for coffee with bitcoins, but will be given the opportunity to instantly convert digital assets into dollars.
Recall that the launch of the Bakkt platform, which was originally scheduled to take place in mid-December last year, has been repeatedly postponed. In February, the CEO of Intercontinental Exchange (ICE) Jeff Sprecher said that the platform will be launched "later in 2019". Sprecher noted that Bakkt not depend on ICE, and that her own offices, management team and infrastructure. He stressed that this infrastructure has already attracted a number of large investors. Except Starbucks is another major partner Bakkt is the company Microsoft.