New evidence suggests Starbucks will begin accepting bitcoin (BTC) as their partnership with Intercontinental Exchange’s Bakkt grows, according to news outlet The Block.
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According to the report, the cryptocurrency transactions will be instantly converted to fiat.
Bakkt has not been released yet, but the company hopes the new platform will on-ramp institutional investors to the cryptocurrency sector.
The product is owned by Intercontinental Exchange (ICE), which owns and operates 12 exchanges, including the New York Stock Exchange (NYSE).
Bakkt has endured several delays since its initial announcement as executives emphasized the need for full regulatory compliance.
Citing an unnamed source close to the matter, The Block stated Starbucks will wait until the Bakkt platform is proven before launching their crypto to fiat coffee purchasing options.
“In many ways, there are limits to what Starbucks can do with partnerships because there are limits to what customers can expect,” the source said.