Following the news of Intercontinental Exchange (ICE) teaming up with Starbucks, Microsoft, and other marquee companies, the food & beverage company was quick to shed some light on the matter. The company doesn’t seem to have any close plans for allowing customers to pay for their Frappuccino with Bitcoin.
Setting the Record Straight
The parent company of the New York Stock Exchange (NYSE) – Intercontinental Exchange (ICE) – recently teamed up with Starbucks, Microsoft, and other influential companies to launch a cryptocurrency exchange dubbed Bakkt.
Speaking on the matter, the Vice President of Partnerships and Payments at Starbucks, Maria Smith, noted:
As the flagship retailer, 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. […] As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.
However, the company went on to quickly set the record straight, outlining that customers won’t be able to use their cryptocurrencies to pay for any of the products offered at the venues. stating:
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. […] Customers will not be able to pay for Frappuccinos with bitcoin.
Seriously Involved Nevertheless
It’s clear, though, that the involvement of Starbucks with Bakkt is a strong signal for the interest the company has in this fairly nascent field. It’s also obvious that retail payments are going to be a part of it.
It’s also noteworthy that Starbucks is likely to play a key role in fulfilling the vision behind the cryptocurrency exchange. Kelly Loeffler, head of digital assets at ICE and CEO at Bakkt, noted:
Bakkt is designed to serve as a scalable on-ramp for institutional, merchant, and consumer participation in digital assets by promoting greater efficiency, security, and utility. […] We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.
However, if you were hoping to begin buying your favorite Cappuccino at Starbucks using your Bitcoin, you might have to wait for a while longer.
What do you think of Starbucks’ involvement in the Bakkt project? Don’t hesitate to let us know in the comments below!
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Author: Joshua Morris