Starbucks Partners with Microsoft to Allow Bitcoin Payments
One of the most popular coffee chains in the country is making a big move when it comes to its payment system. The company is partnering with Microsoft to develop a digital platform that will allow customers to use bitcoin and other cryptocurrencies as a form of payment when they purchase from Starbucks.
The partnership will establish a new company, called Bakkt. The company gives customers the opportunity to buy, sell, store, and spend crypto on the global network. The company and its payment platform are expected to launch by November.
Maria Smith, Starbucks’s Vice President of Partnership and Payments stated:
“As the flagship retailer, Sarbucks will play a pivotal role in developing practical, trusted and regulated applications for customers to convert their digital assets into US dollars for use at Starbucks.”
She further added:
“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.”
There are certainly some who are skeptic of the project’s viability due to the volatility of crypto. For example, Bitcoin has decreased in value by 50 percent this year and it can fluctuate over the course of a day as well. On the other hand, there are those who believe that Starbucks adoption of cryptocurrency may help bitcoin become a mainstream currency.
Brian Kelly, the CEO of BKCM stated:
“It’s very big news for bitcoin because people say, ‘Where can you spend it?’ Now at every single Starbucks.” And “Starbucks is seeing some kind of demand for acceptance of crypto and bitcoin and to tie up with a huge regulated institution like ICE is really positive for the space.”
This news has sure caused some reactions on social media today. Lets take a look:
But @rogerkver told me i would never be able to buy coffee with bitcoin.
Now Starbucks accept bitcoin.
now what ?
— I am Nomad (@IamNomad) August 3, 2018
1/ BREAKING: The NYSE/ICE group officially announces they're taking Coinbase, Bittrex, Gemini & Polo head-on. Starbucks announces they'll be accepting crypto. This is the Wall St. troll of the century, folks.
— Marco Santori (@msantoriESQ) August 3, 2018
*ICE BITCOIN PLATFORM TO INCLUDE STARBUCKS, MICROSOFT
— Brian Kelly (@BKBrianKelly) August 3, 2018
Bitcoin, the disruptive, bleeding edge cyberpunk currency meant to topple governments and let the nerds rise to power, is now usable at Starbucks. Corporate assimilation is complete.
— Adam Singer (@AdamSinger) August 3, 2018