New details about Starbucks’ partnership with United States cryptocurrency platform Bakkt suggest the coffee giant will accept Bitcoin (BTC)-based payments after an equity deal, cryptocurrency industry news outlet The Block reported on Mar. 4.
Starbucks, which became known as a founding partner in Bakkt upon its unveiling in August last year, will reportedly support its software to allow U.S. customers to pay for products.
As The Block reported, no actual cryptocurrency will end up processed by the chain, as the crypto will be instantly transferred into fiat.
Still in the final pre-release stages, Bakkt aims to become a major on-ramp for investors looking to gain exposure to cryptocurrencies. Among its plans are the issuance of physically-delivered Bitcoin futures contracts, scheduled for later this year depending on regulatory approval.