It has been suggested that coffee giant Starbucks could soon begin accepting Bitcoin payments from its U.S. customers after reportedly planning to support payment software under development by soon-to-launch cryptocurrency trading platform Bakkt, according to a March 4. report by The Block.
Starbucks first partnered with Bakkt as a founding partner with a “sizable” (but confidential) equity position when the trading platform was first announced as a subsidiary of The Intercontinental Exchange (ICE) in August 2018, before raising 182.5 million US dollars in December.
It has been suggested that Starbuck’s equity position could have been awarded in exchange for retail support to boost early adoption, and the report says Starbucks is developing card and app software that will make the company Bakkt’s first on-platform merchant. The software will see any cryptocurrency used for payments instantly transferred into fiat rather than transported over the software’s blockchain.
The payment rail is one of several cryptocurrency services that Bakkt plans begin offering consumers in 2019. The company has said it plans to provide physically-delivered Bitcoin futures contracts and warehousing — which are still awaiting regulatory approval — and that it is working with Microsoft, Starbucks, and Boston Consulting Group (BCG) to create a platform that will allow institutions and consumers to buy, sell, store and spend digital assets as a part of a seamless global network.
Bakkt is considered by many within the cryptocurrency community as an industry boon that could greatly increase liquidity in cryptocurrency markets.