In 2019, Starbucks promises coffee to be purchased in Bitcoin
The Block founder Mike Dudas said: Starbucks promises to open the Bitcoin payment channel in 2019.
Exclusive news of the the Block, Starbucks acquired a large stock in Bakkt, in return, Starbucks promised to allow customers to use Bitcoin payments in 2019.
As one of Bakkt’s investors, Starbucks was expected to deepen cooperation in the cryptocurrency market. In August 2018, the New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE) announced plans to create a new “Global Platform and Ecosystem for Digital Assets” named “Bakkt” , which participants also include large companies such as Starbucks, Boston Consulting Group (BCG) and Microsoft.
After this major announcement, many famous medias, including Bloomberg and the CNBC, followed up with misleading headlines, such as CNBC announcement that “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin”, which implies that the cooperation means that customers can pay in Starbucks in cryptocurrency.
A Starbucks spokesperson clarified this: “ In fact, customers can’t buy Frappuccinos with Bitcoin.Our company is one of the new ventures for Bakkt, a platform that converts digital assets such as Bitcoin into US dollars for Starbucks payment.”
Commentator Joseph Young: The cryptocurrency may usher in large-scale commercial use
When Starbucks news came out, commentator Joseph Young retweeted. He said that I’ve always been consistent on the lack of merchant adoption in crypto.
If Bakkt guides Starbucks to accept Bitcoin as a means of payment, this may solve the problem that crypto technology cannot be commercialized on a large scale.
According to reports, Starbucks has held lots of Bakkt stake to support the platform’s crypto payment program.
Starbucks will install Bakkt’s payment software in its stores, which customers can use to pay in cryptocurrency. The crypto asset will then be converted to legal currency immediately.
Bakkt is part of the Intercontinental Exchange ICE and is currently awaiting approval from the US Commodity Futures Trading Commission (Cftc) to launch a bitcoin futures contract for physical settlement. It is understood that ICE, based in Atlanta, USA, is a global online electronic trading market and settlement center with multiple exchanges and trading markets in North America, Europe and Asia, including the New York Stock Exchange, Paribas Stock Exchange, ICE Canadian Futures Exchange, the Amsterdam Stock Exchange in the Netherlands, the London International Petroleum Exchange, etc.
The platform, through a partnership with Microsoft, uses the company’s cloud solution to enable users to purchase, sell, store and consume digital currencies online, such as providing crypto payment services to Starbucks customers.
In August last year, Starbucks executive Maria Smith outlined the company’s partnership with Bakkt. “As a flagship retailer, Starbucks will play a key role in developing practical, trusted and regulated applications to help consumers convert their digital assets into dollars and use them at Starbucks. As a leader in mobile payments, she said. Starbucks rewards more than 15 million members. And Starbucks is committed to driving innovation and providing our customers with more payment options.”
The crypto payment plan is expected to launch in Starbucks as early as May this year.
Original source：金色财经
