According to an anonymous source with knowledge about a deal between Bakkt and Starbucks, the latter could add crypto-related services for its in-store products. The information was released by The Block and confirmed on Twitter by the Co-Founder of Button, Mike Dudas.
Starbucks to Allow Bitcoin Payments in Store in 2019
The source quoted by The Block explains that there is “high value from having a brand of this level (Starbucks)”. In this way, Bakkt will be able to benefit from the company’s support. The coffee chain will also accept a mutually beneficial agreement.
At the moment, the number of shares granted to Starbucks remains confidential, however, there are some sources that suggest it is disproportionately high. The firm did not make any cash investment.
As per the report released by The Block, there are going to be mutual marketing perks that will potentiate the presence of these brands in the market. That means that a large part of Starbuck’s investment in Bakkt came from their marketing budget.
It might be possible for Starbucks to allow coffee-lovers to pay for the things they consume using Bakkt’s software. Moreover, the payments could be processed in virtual currencies and received by Starbucks in fiat currency. Nevertheless, the company will not be holding any crypto asset at any moment.
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
According to Mike Dudas, the source that provided the information regarding Starbucks and Bakkt is “very” reliable, and he mentioned it two times to different individuals.
Back in August 2018, Starbucks, Microsoft and Bakkt announced that they were working together on different crypto-related solutions. Although it was known that Starbucks could eventually be accepting payments in virtual currencies, nothing was confirmed. This source provides more knowledge about future plans between Starbucks and Bakkt.
Mari Smith, vice president of partnerships and payments for Starbucks, commented:
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
This information about Starbucks being able to accept digital assets is very bullish for the future of the space. This could help Bitcoin and other virtual currencies to start growing once again.