Starbucks to begin letting customers pay using Bitcoin
Starbucks is set to begin allowing customers to pay for coffee using Bitcoin, as it signs a landmark deal with Bakkt.
The coffee behemoth, which has over 28,000 stores across the globe, signed a deal with the cryptocurrency platform Bakkt which has seen it secure a “sizeable” amount of its equity according to The Block.
This deal will also see Starbucks support Bakkt’s software allowing customers to use Bitcoin to make purchases, potentially representing a major step forward for the mainstream adoption of the currency.
However, its not quite as cut-and-dry as Starbucks simply accepting Bitcoin.
Instead it will allow customers to convert their Bitcoin into Fiat, currency that a government has declared to be legal tender but it is not backed by a physical commodity, which will then be accepted by Starbucks in the place of physical currency.
The retailer told The Next Web (TNW): “Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores.
“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. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.”