A recent report shows that Starbucks holds noteworthy equity in Bakkt. The third-largest fast-food restaurant chain holds these shares as part of a mutually beneficial partnership between the two, reports the block crypto.
SCOOP: @Starbucks received significant equity in @Bakkt in return for commitment to allow bitcoin payments in store in 2019 [GENESIS] via @i_woodford https://t.co/OBZE1vOzeo pic.twitter.com/rPqXXZVNlU
— Mike Dudas (@mdudas) March 4, 2019
However, the percentage of Bakkt shares granted to Starbucks remains confidential, however, there are reports that it is disproportionally high, just for the fact that they haven’t really made any cash investment.
It is assumed that Bakkt has given up so many shares to Starbucks from their marketing budget. It makes some sense because Starbucks is one of the biggest brands in the world, however, Bakkt is planning to be the biggest name in crypto. If things go really well for them, the partnership with Starbucks might come back to become a problem.
Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security, and utility. They are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.
They are a project of the company that founded the New York Stock Exchange, it’s built on Microsoft technology, it has a slew of big-name institutional investors already on board, and its first major merchant is none other than the ubiquitous Starbucks. They have many established institutes behind them. If these firms are willing to stick their necks into the crypto arena, it’s just a hop-skip-jump for even larger firms to come onboard.
Bakkt is the biggest ticket for crypto to mainstream acceptance. By opening themselves up to the crypto market, these large entities are simultaneously giving credibility to cryptocurrency and choice to consumers. This may be the thing that really pushes cryptocurrency out of its current financial backwater and into everyday dealings.
With partnerships like that with Starbucks, the entire crypto space can benefit. Although Starbucks won’t accept Bitcoins directly, this might be a step in that direction.