Some of the Starbucks mobile app will now have the option of using Bakkt Cash as payment, seeing the limited beta period for this method has started.
The news comes as the Bitcoin (BTCP) derivatives provider is pivoting towards consumer-facing services and after it made the announcement of a $300 million funding round. Here’s what a Starbucks spokesperson said about the partnership with Bakkt:
“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.”
Starbucks, a Strategic Launch Partner for the Bakkt Digital Wallet
In a statement released earlier, Starbucks said it happens to be a strategic launch partner for the dollar denominated Bakkt digital wallet. Here’s what the coffee giant had to add on the matter:
“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, the President of Bakkt said this on Twitter about the integration:
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 Didn’t Make Any Official Statement about the Partnership
While an official statement about the partnership with Starbucks wasn’t made by Bakkt, on Monday, the company published a blog post in which it describes how it wants to put Bitcoin (BTC) and loyalty points into the same place. Discussions about an offer of crypto payments and loyalty point programs have been happening since February to say the least, when Bakkt made a move to buy Bridge2, the loyalty solutions provider. Here’s what the company’s blog post reads exactly:
“At Bakkt, we take a broad view of digital assets. Whether it’s miles from your favorite airline, loyalty points from the local grocery store, or bitcoin you’ve purchased, the Bakkt app enables you to aggregate all of these assets into a single digital wallet.”
Since the coronavirus threat is continuing to grow in the US, the coffee behemoth Starbucks is applying the take-out only business model.