The leading coffee company of America, the well-known Starbucks, acquired importantly substantial equity from the Bitcoin trading platform Bakkt, waited for a long time, in exchange for using Bitcoin by the customers in their stores.
Starbucks accepted the Bakkt equity
Although Starbucks is not technically an investor in the Bakkt equity, it actually accepted the capital and has also agreed to become the first merchant of the trading platform.
This actually came even before the official launch of the Bakkt trading platform which the CEO of ICE or Intercontinental Exchange, the owner in recent times said that it is going to be launching later in 2019.
Using Bitcoin to pay for coffee in-store is going to be enormous progress for the adoption of Bitcoin for everyday transactions as the thousands or probably millions of customers of Starbucks all over the world are going to be given the freedom to utilize it for payment.
For now, only Americans will benefit from Bitcoin use
Moreover, this is a potentially huge market expansion strategy for Starbucks because the crypto community may start habituating the stores when the doors open for Bitcoin.
However, just customers in America are going to benefit from the use of Bitcoin initially, and this is eventually going to spread to some other countries where Starbucks is also available.
It is still not sure when the stores are going to start accepting Bitcoin, according to the collaboration, but hopefully in 2019, as it is also not sure if it is going to be launched either.
The collaboration between Bakkt and Starbucks is a good beginning
The launch of Bakkt was eagerly looked forward to by the crypto community as it is thought to be one of the main changes which are potentially going to encourage mass adoption of Bitcoin by providing some suitable environment for institutional investors to invest in crypto confidently. However, the launch was deferred a few times since 2018 mostly because of the inadequate preparation, as well as readiness to open the door to trading on the platform.
The collaboration with Starbucks is an excellent beginning and initial preparation ahead of the launch because this is going to ensure that users of the platform are actually available on the ground at the time of the launching, which is significantly going to increase the chance of its popularity, as well as acceptance.
Starbucks is likely the first partner, and others are soon going to follow, and if anything, the gesture strongly suggests that Bakkt launch is actually imminent and may also be around the corner.