With most firms joining the world of crypto, it would not come as a surprise that speculation is rising on Starbucks joining the blockchain. This happens after Starbucks chairman Howard Schultz was caught on record mentioning cryptocurrency during an annual conference call to debate the company's quarterly earnings. The assumption was widely received by most crypto enthusiasts although there was no official confirmation from the company on blockchain ventures.
Speaking at the meeting, Shultz was quick to remark how Starbuck intends to incorporate blockchain and crypto technology into the payment strategy with the aim of improving and expanding digital customer relationships. On the other hand, the Starbucks' chairman was on record stating that the company is yet to formulate any plans for developing a cryptocurrency or investing in any blockchain venture.
Nonetheless, he did lend credibility to the capabilities of blockchain technology. Shultz touts the blockchain as a new technology that provides consumer application through virtual currency.
A Change of Heart
To the most crypto enthusiast, the mention of Starbucks and cryptocurrency would come as a surprise. Based on past comments, Shultz openly criticized cryptocurrency, especially bitcoin. That was no surprise, as he joined several other CEOs and business magnates who believe in a future without bitcoin. On record, others openly identified bitcoin as a fraud project. However, this makes up for personal opinions and not a valuable viewpoint.
Although Shultz is on a similar page, the Chairman believes there is a future with the blockchain technology. Shultz thinks the blockchain will play a significant role in the future of consumer technology. The use of digital tokens can go a long way in improving the levels of day-to-day consumer transactions even though the volatility is a challenge.
In the end, the company aims to focus more on a digital payment platform rather than a blockchain investment. The Growing Mobile payment service from Starbuck would make an excellent opportunity to initiate such a venture. Starbucks CEO Kevin Johnson made public the use of a no-cash policy was already underway in some of the company's outlets in downtown Seattle locations.
Will Starbucks Join Blockchain?
With millions of users and a smartphone app, Starbucks seems like a viable idea for a crypto venture. Unfortunately, the firm has no real intentions to get on the crypto world anytime soon. Much of the hype was as a result of institutional investors that we are witnessing from large corporations and businesses. Since Starbucks is uniquely positioned in the market, it would only seem natural that they take the advantage for a change.
However, the company is better placed to join cryptocurrency with an existing mobile payment system for its customers. A lot of Starbucks transactions are online, and this would make it an ideal option for a cashless store. Furthermore, the company is a leader in embracing cutting-edge payment solutions.
Moreover, Starbucks can decide to join the crypto world through a token rather than existing crypto. With Shultz skeptical of bitcoin, this would seem the best alternative to joining the crypto craze.
All-in-all, Starbucks might end up joining the blockchain sooner than we expect. If that occurs, it would be a key milestone in helping the growth of digital currency adoption among millennials. As of now, only time will tell if Starbucks would join the blockchain.