Starbucks is testing the use of cryptocurrency Bakkt Cash as a payment method.
Adam White, president of the Bitcoin futures exchange overseen by Intercontinental Exchange, tweeted about the partnership yesterday. The global coffee chain is also a launch partner for Bakkt's dollar-denominated digital wallet.
An early pioneer of mobile payments, Starbucks already allows people to checkout with Apple Pay, Google Pay, PayPal and Visa Checkout, among other methods.
Earlier this week, Bakkt announced that it had raised $300 million in funding from investors including Microsoft's M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital and Pantera Capital.
The company plans to launch its mobile payments app this summer, according to chief executive Mike Blandina. The current platform lets users buy, sell, store and spend digital currencies.
The pilot with Bakkt comes as Starbucks prepares to modify operations in response to the COVID-19 pandemic, with mobile order-only plans for pickup via the app or delivery via Uber Eats.
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Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
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