Tuesday, February 25, 2020

Starbucks Bitcoin Payments Now Live as EY Launches Crypto Calculator

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

No doubt, the prospect of paying for cup of coffee with Bitcoin (BTC) has been a dream of crypto enthusiasts for a while now. If this could be pulled off by Starbucks, imagine the level of mainstream crypto adoption that be experienced.

Rumors surfaced some time ago that Starbucks, who boasts of over 14,600 shop locations in the United States and around 30,000 locations across the globe, had started accepting Bitcoin payments. Later on, these speculations materialized into something real when a report revealed that the American coffee company has made an equity deal with Bakkt crypto payments platform.

The deal was described as one that could “allow coffee-lovers to pay in-store” by making use of a special software from Bakkt. One of Starbucks’ spokespersons said:

“Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.”

An Intermediary System Will Be Used

A third-party intermediary system would be recommended to crypto adopters for making purchases using Bitcoin. This shows that Starbucks is not yet ready to “risk” holding any cryptocurrency directly, rather, the digital currency will be exchanged for fiat currency.

Basically, this means that Starbucks will be serving as Bakkt’s “flagship retailer” with the aim of enabling users and companies to trade cryptocurrencies and exchange them for fiat money.

If Starbucks allowed the conversion of cryptocurrency into fiat for their customers then it cannot really be said that Starbucks is accepting payments in cryptocurrency itself. It can also be argued that the amount of business Starbucks conducts will be too much for Bitcoin to handle in real-time.

Crypto Calculator Launched

In another news, One of the “big four” accounting firms in the world, Ernst & Young, has launched its cryptocurrency tax calculator. The company is apparently making moves to launch a tool that will make cryptocurrency bookkeeping easier.

The tool, known as Crypto-Asset Accounting and Tax Tool or CAAT for short, will soon be rolled out in the United States by EY, in a bid to make the firm the leading blockchain-related service provider in the crypto industry.

In July 2018, the firm stated that the calculating tools will help to “methodically connect multiple cryptocurrency exchanges and wallets, allowing for better visibility into cryptocurrency transactions and inventory.”

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