Starbucks To Accept Bitcoin Through Crypto Startup Bakkt, Claims Report

Starbucks To Accept Bitcoin Through Crypto Startup Bakkt, Claims Report

03/4/19 11:01 PM 2019-03-05 09:30:20
For the longest time, crypto investors have been dreaming of mainstream adoption. Eventually, you'll be able to buy Starbucks with Bitcoin (BTC), they say. While this has been a quixotic dream for mos

For the longest time, crypto investors have been dreaming of mainstream adoption. Eventually, you’ll be able to buy Starbucks with Bitcoin (BTC), they say. While this has been a quixotic dream for most of the cryptocurrency’s mere decade-long lifespan, rumor has it that the world-renowned roastery is preparing to launch support for digital assets.

Starbucks May Accept Bitcoin

Late last year, the Intercontinental Exchange (ICE), the institution behind stock trading powerhouse NYSE, revealed that it had launched a startup called Bakkt. In a move that verified the sentiment that Wall Street is keeping a close eye on BTC, ICE divulged that Bakkt was slated to be a regulated, multi-faceted on-ramp and off-ramp for merchants, institutions, and consumers alike.

Bakkt was also revealed to have a number of notable partners, including Mike Novogratz’s Galaxy Digital, Boston Consulting Group, Microsoft, and arguably most importantly, Starbucks. This led to spouts of speculation about whether to Seattle-headquartered cafe chain would start to accept cryptocurrencies, namely Bitcoin. Interestingly though, some came out to quash these rumors (even Starbucks representatives), stating that the American through multinational enterprise made an investment due to other reasons.

While the launch of Bakkt’s first product, cryptocurrency futures backed by physical assets (much unlike CME’s and CBOE’s contracts), has been pushed, a discussion has still mounted regarding the company’s importance to this ecosystem. According to an exclusive report from The Block, which cited sources familiar with Bakkt’s dealings, Starbucks may be launching support for digital asset payments in the coming months.

The Block founder Mike Dudas took to Twitter to divulge the news, remarking that Starbucks received a significant stake in Bakkt in exchange for “commitment to allow Bitcoin payments in store in 2019.”

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