Many minds that were previously set agog would by now have their minds clarified as Starbucks has come to refute claims that they have started accepting bitcoins as a means of payment for beverages.
Starbucks, an American Company, famously known as a coffee retailer, had on Friday announced that they are venturing into cryptocurrency. This had set tongue wagging, with several news platforms reporting that customers of the company can now have a cup of their favorite beverage for a few bitcoins. CNBC ran with the headline “New Starbucks partnership with Microsoft allows customers to pay for Frappuccino with bitcoin.”
However, Starbuck has set the records straight. On Saturday, they announced their venture into cryptocurrency as a joint one with BCG, Microsoft, and Intercontinental Stock Exchange, among others. Named Bakkt (pronounced ‘backed’), the new outlet is to allow users to trade digital money and convert it into their local currency, all around the globe.
“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” said Maria Smith, Vice President of partnerships and payments at Starbucks, during the announcement.
A spokesperson for Starbucks, while speaking with Motherboard explained that the latest development does not signify that they will now be accepting Bitcoin for payment. “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. At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves. Customers will not be able to pay for Frappuccino with bitcoin,” the spokesperson reiterated.
In spite of this latest confirmation, it is still believed by many that the company still has a mind to accept bitcoin for coffee. In fact, members of the crypto-world have weighed in their opinions, such as Brian Kelly, the CEO and Founder of BKCM.
“It’s very big news for Bitcoin because people say, ‘Where can you spend it?’ Now at every single Starbucks,” he said in excitement.
For Starbucks, this is more futuristic than the present, so if you happen to be stopping by for a cup of latte, be sure to have your dollar in your wallet.