Back in August 2018, Intercontinental Exchange (ICE), parent enterprise of Bitcoin derivatives provider, had stated that the coffee chain was considering retail uses of cryptocurrency payments.
Through a tweet, Adam White, Bakkt President, disclosed the incorporation of new feature to pay via crypto. Bakkt is perceived as one of the top notch crypto endeavors.
The project was funded to the tune of $300 million through a financing round to carry on with the creation of cryptocurrency centered facilities.
Notably, the project has received funding when both traditional and crypto markets are undergoing a free fall due to coronavirus outbreak and several limitations have been implemented across the globe to avoid spreading of coronavirus.
ICE had earlier stated that they intend to utilize the funding to purchase software for building the Bakkt application.
Currently, use of Bakkt Cash is restricted to those clients who sign up for the app’s Early Access Program and benefit from the latest mode of payment. In the future, the facility will be made available to everyone, according to White.
$300M Series B and a new @Bakkt website. Learn more how we’re unlocking ~$1 trillion in consumer spending power this summerhttps://t.co/PGBotnWcjB
— Adam White (@WhiteAdamL) March 16, 2020
Bakkt has pointed out that the cryptocurrency payment option is currently undergoing beta phase.
“We are currently conducting a limited test for our customers, using the Bakkt payment method. Customers can see Bakkt as an option but the test is only available at this time.”
Predetermined users can opt for payment via Bakkt Cash, but Starbucks has shut down all its venues to walk-in clients due to COVID-19 outbreak. Only delivery based orders are currently accepted, until new update.