Starbucks mobile app users will soon be given the option to pay for their drinks with “Bakkt Cash.” Intercontinental Exchange (ICE), the Bitcoin derivatives provider’s parent company, had announced back in August 2018 that the coffee giant was looking at retail applications for crypto payments.
Exchange’s president Adam White today revealed on Twitter a new integration of payments with Starbucks:
Bakkt, considered one of the most ambitious crypto-based projects, recently raised $300 million to accelerate the production of digital asset-focused services in a funding round.
The funds come at a time when both the crypto and financial markets are volatile because of the controls imposed to prevent the spread of coronavirus. ICE has previously said that they intend to use the capital raised to purchase software to build the Bakkt app.
Bakkt: Crypto payment options limited to Beta
While the use of Bakkt Cash that finally be open to all mobile app users, White stressed that consumers had to sign up for the Early Access Program of the company to take advantage of the new integration of payments.
Bakkt said the crypto-payment alternative is for now only in limited beta, according to sources available to Newsccm.
“We are currently conducting a limited test for our customers, using the Bakkt payment method. Customers can see Bakkt as an option but the test is only available at this time.”
Select users can choose Bakkt Cash as a payment method but because of the coronavirus outbreak, Starbucks has closed all of its locations to eat-in customers. Also to-go orders are allowed to proceed until further notice.