Starbucks Isn’t Bringing Bitcoin to Its Coffee Chains Yet
Bitcoin’s fate as a legit cryptocurrency depends on its wide adoption, which for now is occupying a small part of the world economy. For anyone is holding Bitcoin to spend it as a regular currency and not for a long-term investment, recent news reports by CNBC and Bloomberg came as a godsend.
The two news outlets reported that Starbucks is moving closer to the prospect of taking Bitcoin payments at its coffee shops after it announced a partnership with Microsoft and Intercontinental Exchange (ICE), owner of the New York Stock Exchange, to launch a new platform called Bakkt. The company has now spoken out against misrepresentation and said that there is no Bitcoin-paid coffee coming to their stores in the near future.
Bitcoin Isn’t Welcome at Starbucks
Talking to Motherboard (by Vice), Starbucks’ spokespeople clarified that the coffee retail giant isn’t interested in making crypto payments viable in their stores as of now. They suggested that the Bakkt venture with ICE and Microsoft is being designed to work as an exchange and allow people to convert their digital currencies to US dollars, which can then be used at Starbucks – not the actual cryptocurrency directly. Starbucks’ role is to work as a flagship retailer that will consult and help in developing apps that facilitate this vision.
In an email, a Starbucks spokesperson wrote:
“It is important to clarify that we are not accepting digital assets at Starbucks … At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as space evolves.”
The spokesperson emphasized:
“Customers will not be able to pay for Frappuccinos with bitcoin.”
What About That Bitcoin-paid Coffee Dream?
ICE noted that Microsoft and Starbucks are partnering with Bakkt to help institutions and consumers “buy, sell, store and spend digital assets.” The statement led to confusion, and many media outlets believed that Starbucks will finally make buying coffee with Bitcoin easier.
However, the foundation of the “Bitcoin-paid coffee” story was not founded on assumptions completely. CNBC quoted Vice President of Partnerships and Payment for Starbucks Maria Smith, who said:
“Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks.”
She also suggested that the company is committed to expanding payment options for its customers via innovation.
The recent clarification suggests that the context of the statements appeared slightly vague. However, what Starbucks is doing could help in connecting crypto with fiat at their outlets, and Bitcoin coffee enthusiasts shouldn’t lose hope.
Starbucks Isn’t Bringing Bitcoin to Its Coffee Chains Yet was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.