Starbucks has reportedly entered into a partnership with Bakkt, the US cryptocurrency platform, in order to achieve the first cryptocurrency exchange-traded fund (ETF). As per the agreement between Starbucks and Bakkt, even though Starbucks is not a cash investor in Bakkt, it receives a considerable amount of equity.
Starbucks plans to develop applications and possibly a card through which people can covert cryptocurrency into US dollars that can be used in Starbucks stores. This crypto-fiat purchasing can be availed only by customers in the United States.
According to Starbucks, who stated the following in an interview with The Next Web,
Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months. – Starbucks
This marks an attempt that can lead to crypto acceptance in the market in the future.