- The crypto exchange Bakkt has launched an early access program for integrating Bitcoin payments with Starbucks.
- The payments are made using the Starbucks application and the Bakkt cash option of exchange.
Bakkt’ President Adam White revealed via his Twitter account that Starbucks will accept Bitcoin payments in the future. The president of the Bitcoin crypto exchange said the cooperation with Starbucks is expected to reduce costs for the merchant, as White wrote:
As global markets shed trillions of dollars, empowering consumers with new spending power more important than ever. We’re also reducing payment costs for merchants which improves their bottom line.
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
The payment integration with Starbucks is currently in the beta phase. Users who wish to participate in the Direct Access Program can do so now. Payments will be made using the exchange’s Bakkt Cash feature.
Bakkt raises $300 million in a new funding round
On the other hand, Bakkt announced that it has raised $300 million in a new funding round. Investors include industry giants such as Microsoft’s M12 company, the Boston Consulting Group, CMT Digital, Pantera Capital, and the Intercontinental Exchange.
According to the announcement, the capital raised will allow Bakkt to continue to facilitate access to digital assets for its users and interested investors. Bakkt CEO Mike Blandina said he is excited about Bakkt’s future and its ability to “unlock $1 trillion potential” when they launch the exchange’s new app. He added the following:
Bakkt gives users control over their digital assets. Whether it’s miles from your favorite airline, loyalty points from the local grocery store, or bitcoin you’ve purchased, the Bakkt app enables you to aggregate all of these assets into a single digital wallet. In just a few taps you can use those assets to shop at your favorite merchants, send them to family and friends, or convert them to cash. We believe that you hold more value than you realize and we’re here to help you track, spend, and send your digital assets however you want.
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