The subsidiary of the Intercontinental Exchange, Bakkt, recently announced a payment integration with the multinational coffeehouse chain Starbucks. Currently, the crypto payment option is only in a limited beta version. Bakkt recently raised $300 million as part of a funding cycle to continue developing services focused on digital assets.
Bakkt announces payment integration with Starbucks.
Bakkt President Adam White announced the new payment integration with Starbucks on Twitter. Adam White was later last year appointed as the president of the company after its CEO Kelly Loeffler was elected the next Senator of Georgia. According to Bakkt, Starbucks mobile app users will able to pay for drinks with Bakkt Cash.
We're also reducing payment costs for merchants which improves their bottom line. Open your @Starbucks app to see our first direct integration and select @Bakkt to sign up for our Early Access Program pic.twitter.com/sZ3YlE0Sj9
— Adam White (@WhiteAdamL) March 16, 2020
Bakkt raised $300 million in Series B funding.
Bakkt raised $300 million of capital with participation from investors including its parent company Intercontinental Exchange, Microsoft’s M12, PayU, Boston Consulting Group, Goldfinch Partners, CMT Digital, and Pantera Capital. The CEO of Bakkt, Mike Blandina, revealed that the company is planning to roll out the Bakkt wallet later this summer. The ICE backed company has also updated its website with new details about the Bakkt app that is also scheduled to launch this summer.