The announcement of “Bakkt” has sparked a big wave of headlines in recent days, speculating that you can soon pay with Bitcoin at Starbucks. However, this will not be the case for the time being.
The Intercontinental Exchange (ICE), the parent company behind the New York Stock Exchange, announced on Friday the launch of “Bakkt“.It is a new platform for trading cryptocurrencies and digital assets which is fully regulated and monitored using the same technologies as current stock markets. Among the project partners — Microsoft and BCG, Starbucks was also named as a well-known partner.
Unlike numerous media reports, this partnership does not mean that Starbucks will accept bitcoins in its stores. Perhaps because Starbucks is best known as a coffee trader, the established media, such as CNBC and Bloomberg, said that the new Starbucks partnership with Microsoft will allow customers to “pay for Frappuccinos with Bitcoin.”
In the crypto community, it came with the hope that Starbucks could thus make a significant contribution to the adaptation of BTC in the mainstream and establish itself as a pioneer. Motherboard has been told by a Starbucks spokesman that this is not the case and the company is merely developing applications for a system that simplifies the process of converting cryptocurrencies into cash:
“It is important to clarify that we at Starbucks do not accept digital assets. Rather, the stock market will convert digital assets such as Bitcoin into US dollars. For the time being we announce only the start of trade and conversion of Bitcoin. However, we will continue to talk to customers and regulators as the crypto-space evolves.”
Simply put, Starbucks does not want to accept the payment of Frappuccinos with Bitcoins for the time being, but it’s ready to help out. The role of Starbucks in the partnership as a flagship dealer is to consult and develop applications for this purpose.
To make it clear, the speaker wrote:
Customers cannot pay for Frappuccinos with Bitcoin.