According to a report published in the Block on March 4th, Starbucks might start accepting bitcoin payment after the equity deal with US-based Bakkt gets finalized. Starbucks was among the founding partners of Bakkt when it was announced August last year would support the software of Bakkt in its outlet to help US customers to pay for its products in crypto.
However, one must note that the coffee chain won’t be responsible for processing any cryptocurrencies, as the Bakkt software would instantly convert the crypto into fiat.
Bakkt whose launch has been delayed several times in the last year is finally gearing up for its launch and it’s trying to expand the crypto portfolio for investors looking to expand into crypto space. The US-based crypto service provider is also planning to launch physically deliverable Bitcoin future contracts which might get added later this year after the firm acquires necessary crypto regulation permissions.
Starbucks Earlier Denied Bitcoin as a Payment
Starbucks originally denied any idea of accepting bitcoin as payment for its products, however, things seem to have changed after the company bought some major stakes in the Bakkt. Bakkt being a crypto service offering firm has ensured that even if the coffee chain does not deal directly in crypto payments, users can still make use of Bakkt software to pay in crypto. The software would immediately change the crypto payment into fiat. Thus Starbucks does not necessarily have to deal in crypto payments.
However, only the US customers would be able to use the Bitcoin payment option in the initial phase. Whether the company expands the Bitcoin payment for other users, only time would tell.
Bakkt Continuous Launch Delays
Bakkt final release has been delayed several times due to the absence of full regulatory compliance. Now Starbucks has also delayed the acceptance of Bitcoin for its services unless the Bakkt is officially released. starbucks does not want to hurry up anything unless the Bakkt mainnet shows the capacity to hold and transact Bitcoin.
one of the sources close to the deal was quoted,
“In many ways, there are limits to what Starbucks can do with partnerships because there are limits to what customers can expect,”
The delays due to the absence of concrete crypto regulatory compliance have made many analysts critical about the Bakkt and its roadmap in enhancing and expanding Bitcoin use. Their skepticism is understandable given the number of delays that the Bakkt has done over the launch of its mainnet.