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Starbucks Expects ‘Range of Cryptocurrencies’ to Gain Traction, Adds Bakkt Cash to Mobile App

March 17, 2020

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Starbucks is pilot testing a new feature that allows customers to pay with “Bakkt cash” through the coffee giant’s mobile app. Bakkt, the Bitcoin trading platform backed by Intercontinental Exchange, the parent company of the New York Stock Exchange, is focusing on delivering products and services for everyday shoppers who want to store, buy and spend digital assets, such as Bitcoin, by using simple tools with easy-to-use interfaces.

The company tells CoinDesk that it expects numerous cryptocurrencies to become more mainstream.

Says a Starbucks spokesperson,

“We are currently conducting a limited test for our customers, using the Bakkt payment method. Customers can see Bakkt as an option but the test is only available at this time… 

We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks.”

Adam White, Bakkt’s president, says it’s the company’s first “direct integration” with a merchant.

We're also reducing payment costs for merchants which improves their bottom line. Open your @Starbucks app to see our first direct integration and select @Bakkt to sign up for our Early Access Program pic.twitter.com/sZ3YlE0Sj9

— Adam White (@WhiteAdamL) March 16, 2020

Bakkt first announced a partnership with Starbucks last October. The company recently raised $300 million in Series B financing and plans to launch its own app this summer.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Jennifer Hu