One of the major digital asset platforms in the cryptoverse, Bakkt, has recently announced that it will help you pay for drinks bought at Starbucks.
Allowing Bakkt Cash Payments
Users of the Starbucks mobile apps will soon be given a choice to pay for their selected drinks of choice through the use of “Bakkt Cash.” Bakkt, a company owned by the Intercontinental Exchange, or IC, is a provider of Bitcoin derivatives. Back in August of 2018, Bakkt had declared that Starbucks was looking for a way to use the crypto payment for retail applications.
Today marks that reality. Adam White, the President of Bakkt, has now announced that Starbucks will enact new payment integration, doing so through 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
Growth Amid Collapse
Bakkt is considered by many to be one of the crypto-based initiatives that hold the most promise in terms of growth, having recently raised an impressive $300 million in a funding round. This funding round was in a bid to continue the development of its crypto-focused services.
These funds came at a time where the stock and crypto markets as a whole have crashed hard into the ground. For the most part, this market crash is attributed to the rampant fear of investors amid a coronavirus pandemic, measures enacted to prevent the spread of it, and an oil trade war happening in between. ICE has been quoted stating that the company had plans to use this raised capital in order to buy the software needed to develop an app for Bakkt.
Early Access Needed
As it stands now, users need to sign up for the Early Access Program on the app to gain access to the use of Bakkt Cash. While plans are in place to make it available for every user of the app eventually, it’s still in early development as it’s a new form of payment integration.
Amid the rampant measures put in place to stop the Coronavirus from spreading, Starbucks is no longer allowing for customers to eat in at the restaurant. Instead, only orders that are designated as to-go will be approved for purchase. This will continue indefinitely until the Coronavirus has been put in check.
The Coronavirus has had a downright historical impact on the world at large, with an incredible amount of money lost within the span of a week within both the crypto and stock markets. As things go along, it will only get worse before it gets better.