Starbucks is getting into cryptocurrencies with Microsoft and other giants, but not at the cash counters.
Earlier, we reported about a new platform called, Bakkt. A physical bitcoin futures exchange by the parent company of NYSE, ICE. The press release posted mentioned that giants like BCG, Microsoft, and Starbucks are getting involved in it.
Starbucks was the one among the giants which directly deals with people on daily basis, it was assumed by people They’ll be accepting Bitcoin payments or cryptocurrency payments. Many media houses including large publishers such as CNBC, TechCrunch, and Fortune misinterpreted the press releases and posted titles which mentioned “Starbucks accepting Bitcoin payments.”
A Starbucks spokesperson told Motherboard Vice,
“Starbucks doesn’t want bitcoins, but it’s willing to help people spend them, the venture is an exchange that will allow people to convert their cryptocurrency into US dollars, which they can then spend at Starbucks locations. Starbucks’ role in the partnership as the flagship retailer is to consult and develop applications for this purpose.”
“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks,”
This means, one can get use his Bitcoins converted into US dollars or other supported currencies and use it for paying for the Frappuccinos, but it’ll be done by the exchange application. Starbucks won’t be accepting cryptocurrency payments, for now.
“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 the space evolves.” added the spokesperson.
