A while back, Starbucks had indicated that it might start accepting crypto payments before it changed its mind. However, that is all changing, thanks to Bakkt. The company will accept BTC payments as Bakkt’s first partner in its upcoming crypto payment service.
The New York Stock Exchange’s parent firm founded Bakkt, which is a BTC futures exchange. Bakkt plans to test a crypto payment app that will take place in July 2020. They plan to test this service with Starbucks as its partner.
This could be great for the Crypto Space
This move comes as the Bakkt exchange sets new records in trade. A week ago, 1179 BTC futures contracts were traded on the exchange. Many crypto experts have argued for years that the only way for crypto to go mainstream is everyday use cases for the coins. Thus far, only stores with a tiny customer base have been accepting crypto payments. Starbucks is the biggest coffee chain in the world and this move will no doubt have a huge impact on the crypto industry. The coffee chain has over 30,000 stores globally.
Not Direct Acceptance of BTC
Starbucks will accept BTC payments, although not directly. That means the store will not need to handle any BTC payments. This might be a good move, given how volatile the price of BTC can be. If this experiment succeeds, it could encourage other retailers to consider accepting payments in BTC. It is also worth noting that the company’s demographic is also the demographic that has embraced BTC.