What is bitcoin
Bitcoin’s seemingly unstoppable surge continued, and the cost of a single unit of digital currency topped $ 50,000 for the first time.
Starbucks drinkers can now pay for their coffee in cryptocurrency through an app that converts Bitcoin to US dollars.
The coffee giant tested the cryptocurrency payment app Bakkt, which announced this week that customers can now use Bitcoin payments through their platform to reload Starbucks cards through the coffee chain’s app.
The Bakkt app, a payment platform, allows consumers to convert bitcoin, rewards points, frequent flyer miles and gift cards into US dollars, which can then be topped up on Starbucks cards stored in the Starbucks app, making bitcoin payments more accessible.
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Starbucks does not directly accept Bitcoin as a payment method in stores.
“Our teams worked closely when Bakkt was looking for input to create a unique and trusted payment experience that customers can use to unlock the value of their digital assets in US dollars. We are delighted that customers now have the opportunity to Bakkt will use their Starbucks card to shop in the Starbucks app and then use it to pay at Starbucks, “said Karl Hebert, vice president of global cards, commerce and payment at Starbucks, in a statement.
American multinational chain, Starbucks Coffee logo seen in Toranomon. (Photo by Stanislav Kogiku / SOPA Images / LightRocket via Getty Images)
Bitcoin payments are becoming more and more mainstream. According to Bakkt, more than 500,000 users took part in its testing program on the app. While Starbucks is the first partnership for Bakkt’s new rollout for digital wallets, the company will also work with national companies such as Best Buy, GolfNow, Choice Hotels and the financial services company Fiserv in the near future, according to the developers.
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