A new report into the deal to launch the forthcoming Bakkt platform has revealed that Starbucks, one of the best-known financial backers of the project, received a “disproportionately high” share percentage in the deal. In a twist, the report says that it will allow Bitcoin payments to be made in-store. The potentially game-changing news comes from a report in The Block, which states that Starbucks will incorporate Bakkt software that will instantly transfer a user’s cryptocurrency into FIAT at the point of sale, ensuring that cryptocurrency is kept off Starbucks’ books. This is something that crypto payment cards do not currently offer and could deliver the kind of real-world integration that many Bitcoin fans have been clamoring for for years.
SCOOP: @Starbucks received significant equity in @Bakkt in return for commitment to allow bitcoin payments in store in 2019 [GENESIS] via @i_woodford https://t.co/OBZE1vOzeo pic.twitter.com/rPqXXZVNlU
— Mike Dudas (@mdudas) March 4, 2019
Extra Shares Sway it for Starbucks
When Bakkt was first announced last year, news outlets began shouting from the rooftops that Starbucks was about to start accepting Bitcoin, reports that were quickly dashed by the chain. Bakkt’s desire to achieve mainstream adoption for Bitcoin however has apparently led to them offer more shares to the coffee giant, something that has apparently been enough to sway them into reversing their decision. The report states that U.S. stores will be first to accept Bitcoin, with the arrival apparently coming sometime in 2019, once Bakkt has launched.
March Launch Still in Play
Bakkt itself has faced several delays in its attempts to get off the ground, with this month being the most recent prospective timeframe in which it will start offering its Bitcoin-settled futures contracts. Bakkt is still seeking CFTC approval, which was what delayed the launch earlier in the year after the government shutdown, but should it get the go-ahead this month as hoped it could be all systems go for coffee fans and, more importantly, Bitcoin holders.