Tanya Abrosimova
Independent Analyst
- Starbucks partners with Bakkt to offer Bitcoin as a payment option.
- The company gets a share in the platform.
Coffee for Bitcoins is about to become real - again. A famous chain of coffee shops Starbucks will start taking cryptocurrencies by the end of 2019. According to The Block media outlet, the payments will be processed and instantaneously converted into fiat via Bakkt platform.
At first, the cryptocurrency payment option will be available solely to the US customers, while the company won’t reflect the digital assets in its financial statements.
Now the Seatle-based company is busy developing the payment application. If the project is a success, Starbucks has a chance to become the first merchant based on Bakkt platform.
The Block writes that Starbucks got an inadequately significant share of the project, despite that the company did not invest money into the development. The parties are said to cooperate on mutually beneficial conditions, though no specific numbers have been given.
It is worth noting, that similar information circulated in summer 2018. At that time Starbucks management denied that the company would accept cryptocurrency directly, but would allow users to transfer Bitcoins to fiat via a dedicated app.
Also, Starbucks became one of the original partners that launched Bakkt project in August 2018. Bakkt platform will offer Bitcoin futures for institutional investors. The launch of the platform has been postponed on several occasions. However, there is little doubt that it will go live.
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