The Seattle-based coffee giant is working with Microsoft and a leading global exchange for a new digital platform that allows consumers to use Bitcoin and other cryptocurrencies at Starbucks.
Intercontinental Exchange with Microsoft and BCG Together, Starbucks is seeking to launch a new company called Bakkt in November to help consumers and institutions earn, buy, store and spend cryptocurrencies on the global network.. The platform converts Bitcoin and other cryptocurrencies into dollars to buy Cold Foam Cascara, Matcha Lemonade or something else at Starbucks.
Starbucks: “As the leading coffee retailer, Starbucks is transforming consumers’ digital assets into dollars for use in their stores. It will play an important role in the development of practical, reliable and regulated applications.”
Maria Smith, vice president of partnerships and payments at Starbucks, spoke on the subject:
Our coffee chain, which has more than 15 million “Starbucks Rewards Program” members in Mobile Payment, is committed to innovations regarding payment options for our customers.”
Those who doubt cryptocurrencies due to high volatility oppose their use in payments. For example, Bitcoin has dropped by nearly 50% this year, and its value changes by hundreds of dollars in a day.
Can Help Bitcoin Adoption
But Starbucks, which takes crypto seriously, believes that Bitcoin’s fundamental can help make currency. It could lead to something similar to an increase experienced at the end of 2017.
Starbucks is not the first retailer to accept digital assets. Overstock.com, the first company to accept Bitcoin in 2014. Expedia, Shopify and CheapAir also stated that they accept cryptocurrencies as a form of payment.
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