Owing to a new deal, Starbucks received a “disproportionate” amount of shares in Bakkt. The deal between the two comes in the middle of Bakkt’s launch that was awaited by a lot of institutional players in the United States.
According to The Block, a spokesperson close to the deal said, “There’s a high value from having a brand of this level” and that this was not surprising due to the support Starbucks gave Bakkt. The Seattle-based coffee company secured a “mutually beneficial” agreement which provides it with a huge stake in Bakkt.
Starbucks accepts payments through cryptocurrencies via Bakkt’s software that converts crypto-to-fiat. Currently, this service will only be available to customers in the US. However, there was no information regarding their future plans or Starbucks’ global expansion of the service.
Starbucks announced its partnership with Intercontinental Exchange, Microsoft, and BCG on August 3, 2018. Additionally, this would users to buy anything at Starbucks using cryptocurrencies and Bakkt’s software.
Starbucks’ Maria Smith, Vice President of Partnerships said,
“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.”
Bakkt’s launch was delayed three times and is now awaiting approval from the CFTC [Center for Commodity and Futures Commission]. The delay in approval was speculated to be due to to the recent U.S Government shutdown.
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