Starbucks is Still A Bitcoin-Free Zone, But Will Enter Crypto World via Bakkt for Payments
Starbucks is Still A Bitcoin-Free Zone, But They Are Getting Involved with the Crypto World
Lately, Starbucks has been in the news with the suggestion that consumers will be able to get their beloved grande espressos, scones, and other staples with Bitcoin. Though they have decided to get involved with the crypto hemisphere, it will not be to make payments for any of their available products. This past Friday, they made their intentions known by announcing the creation of Bakkt.
Bakkt is a new platform, which happens to be a collaborative effort between the International Stock Exchange, BCG, and Microsoft, though there are many other involved too. The goal is to get involved with a “seamless global network,” which would enable users to spend their digital assets (like Bitcoin) with greater ease around the world. Starbucks’ involvement in these efforts is to take on “a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” according to their vice president.
As soon as this idea was mentioned, it was misconstrued by many media outlets, who somehow concluded that their involvement included their POS systems, which it does not. The reports in this concept became so concentrated online that Starbucks felt the need to jump in and make some adjustments to the public’s understanding. The statement said:
“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.” The company added, “Customers will not be able to pay for Frappuccinos with bitcoin.”
There is still the proof that Starbucks is interested in this part of the crypto industry, with retail payments having a significant role. Right now, Bakkt is beating the performance and traffic found with Apple Pay and Google Pay. According to Fortune:
“The founding imperative for Bakkt will be to make Bitcoin a sound and secure offering for key constituents that now mostly shun it—the world’s big financial institutions. The goal is to clear the way for major money managers to offer Bitcoin mutual funds, pension funds, and ETFs, as highly regulated, mainstream investments. The next step after that could be using Bitcoin to replace your credit card.”
It seems that there is still a chance that Starbucks will eventually allow users to apply their investments to their morning coffee. However, for now, their payment options remain unchanged.