America’s leading coffee company Starbucks acquired significantly large equity from the long-awaited Bitcoin trading platform Bakkt in exchange for use of Bitcoin by customers in their stores. Though not technically an investor in the Bakkt equity, Starbucks accepted the equity and has agreed to become Bakkt’s first merchant.
The use of Bitcoin to pay for coffee in-store will be huge progress for the adoption of Bitcoin for everyday transactions as Starbucks’ thousands, probably millions of customers around the world will be given the freedom to use it for payment. This is also a potentially huge market expansion strategy for Starbucks as cryptocurrency enthusiasts may start patronizing the stores when the doors open for Bitcoin.
Only American customers will benefit from the use of Bitcoin initially and will eventually spread to other countries where Starbucks is available. It is not yet certain when the stores will start accepting Bitcoin according to the collaboration but hopefully in 2019, hopefully, because it is also not certain when Bakkt will launch either.
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