Popular Beverage retailer Starbucks is partnering with bitcoin exchange operator Intercontinental Exchange Inc. and soon to accept Bitcoin as a payment method.
The exchange has reportedly launched a new company called Bakkt, which is intended for consumers and institutions to buy, sells, store and spends digital assets on a seamless global network. Also, this new venture employs Microsoft cloud-based solutions to design a “global ecosystem” for using digital currency.
It is very obvious from the recent Bitcoin price surge, many startups across the world are now beginning to experiment with cryptocurrency payment solutions for merchants. Companies like Starbucks are a perfect example which will bring buying and selling of goods using Cryptocurrency in mainstream line.
On the same line Maria Smith, vice president of partnerships and payments for Starbucks mentioned that,
“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 U.S. dollars for use at Starbucks”
Furthermore, Smith also emphasized that,
“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.”
However, Howard Shultz, then-executive chairman, showed little interest for investing in cryptocurrency and made a statement that
“I don’t believe that bitcoin is going to be a currency today or in the future“
But things have changed ever since he stepped down in the month of June and the company’s head has now given a green signal for the crypto payment solution.
Further operational details about Bakkt will be announced in coming weeks, according to Starbucks, with a planned launch of the company slated for November.
Update – 05/08/2018
As per recent updates, the spokesperson of Starbucks corrected that, “We are not accepting digital assets at Starbucks,” instead “the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks.“