Starbucks to test digital asset app from Bakkt

Starbucks to test digital asset app from Bakkt

Cryptocurrency trading platform Bakkt is preparing to test a consumer app for digital assets with Starbucks early next year.

A subsidiary company of IntercontinentalExchange, Bakkt intends to leverage Microsoft cloud to create an open and regulated, global ecosystem for digital assets.

Mike Blandina, chief product officer at Bakkt, says: "Bakkt’s approach to secure technology, privacy and innovation means that we are an advocate for consumers who have yet to enter the digital asset space, and for merchants who want to accept new, efficient forms of payments without increasing risks."

The linkup with Starbucks has been in the works for over a year.

Speaking at the launch of Bakkt in August 2018, Maria Smith, VP iof partnerships and payments for Stabucks, said: “As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.”

It's important to note that Starbucks will not be accepting bitcoin in exchange for a frothy cappuccino, but rather will use the app to convert bitcoin to US dollars at the point of sale.

The first tests of the system are expected to take place in the first half of next year.

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