The latest crypto news from unofficial sources show new details about Starbucks and its partnership with the US-based cryptocurrency platform Bakkt. According to the sources, the coffee giant will accept Bitcoin (BTC) payments after an equity deal was made on March 4th.
What we know for sure is that Starbucks became known as a founding partner in Bakkt right after it unveiled itself in August last year. As such, it is very expected to support a software that will allow US customers to pay for products.
Meanwhile, Bakkt is planning to become a major on-ramp for investors looking to gain exposure to cryptocurrencies. Among its plans are the issuance of physically-delivered Bitcoin futures contracts which are scheduled for later this year, mostly depending on regulatory approval.
According to The Block, no actual cryptocurrency in this case will end up processed by the chain – it will be instantly transferred into fiat.
“There’s high value from having a brand at this level,” the publication reported while quoting an unnamed expert that is supposedly close to the deal. It also said that only US customers will have access to Bakkt’s BTC-USD services at first.
“In many ways, there are limits to what Starbucks can do with partnerships because there are limits to what customers can expect,” The Block’s source concluded.
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