Contrary to reports in mainstream media, Starbucks has clarified that it will not be accepting direct bitcoin payments at coffee retail outlets.As reported by CCN on Friday, Starbucks becomes part of a brand-new cryptocurrency venture with Microsoft and the Intercontinental Exchange (ICE) dubbed “Bakkt”, a controlled Wall Street platform that could essentially bring cryptocurrencies like bitcoin into the mainstream.
“We are teaming up to build an open platform that assists open the transformative capacity of digital assets [cryptocurrencies like bitcoin] throughout worldwide markets and commerce,” Bakkt CEO Kelly Loeffler said following the announcement.It’s a groundbreaking
development for the cryptocurrency sector, enough for ICE creator and president Jeff Sprecher to declare bitcoin”has the prospective to become the first worldwide currency”. Several mainstream media outlets
lapped up the story with the likes of CNBC running with the headline”New Starbucks collaboration with Microsoft permits customers to pay for Frappuccinos with bitcoin”, implying that the Seattle-based coffee retail giant will begin accepting cryptocurrency payments.However, Starbucks has actually directly refuted such reports, clarifying that it would not straight
accept bitcoins but will assist clients switch their cryptocurrency to U.S. dollars before investing it at its outlets.A spokesperson informed
Motherboard:”It is very important to clarify that we are not accepting digital possessions at Starbucks. Rather the exchange will convert digital properties like Bitcoin into United States dollars, which can be used at Starbucks.”Starbucks stressed it would play a” essential function”in backing regulated consumer applications to assist swap their cryptocurrencies into fiat for use at retail outlets, in its press release accompanying the announcement on Friday.The Bakkt platform, Starbucks discussed, will see here.
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