Starbucks mobile app users will soon be given the option to pay for their drinks with “Bakkt Cash.”
Intercontinental Exchange (ICE), parent company of the Bitcoin derivatives provider, had declared back in August 2018 that the coffee giant was looking at retail applications for crypto payments.
Bakkt President Adam White announced the new payment integration with Starbucks on Twitter:
We're also reducing payment costs for merchants which improves their bottom line. Open your @Starbucks app to see our first direct integration and select @Bakkt to sign up for our Early Access Program pic.twitter.com/sZ3YlE0Sj9 — Adam White (@WhiteAdamL) March 16, 2020
Bakkt, considered one of the most promising crypto-based initiatives, recently raised $300 million in a funding round to continue developing digital asset-focused services.
The funds come at a time when both the crypto and stock markets are tumultuous due to the restrictions enforced to prevent the coronavirus from spreading.
ICE had previously said they planned to use the raised capital to buy software for developing the Bakkt app.
Though the use of Bakkt Cash might eventually be available to all users of the mobile app, White emphasized that customers had to sign up for the platform’s Early Access Program to take advantage of the new payment integration.
According to sources, Bakkt said the crypto payment option is only in limited beta for now:
“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 select Bakkt Cash as a payment option, but Starbucks has closed all its locations to eat-in customers on account of the coronavirus outbreak. Only to-go orders will be allowed until further notice.