starbucks

Contrary to stories in mainstream media, Starbucks has clarified that it will not be accepting direct bitcoin payments at espresso retail shops.

As described by CCN on Friday, Starbucks is component of a new cryptocurrency enterprise with Microsoft and the Intercontinental Trade (ICE) dubbed “Bakkt”, a regulated Wall Street platform that could essentially bring cryptocurrencies like bitcoin into the mainstream.

“We are collaborating to develop an open platform that helps unlock the transformative likely of electronic assets [cryptocurrencies like bitcoin] across world wide marketplaces and commerce,” Bakkt CEO Kelly Loeffler explained adhering to the announcement.

It is a groundbreaking advancement for the cryptocurrency sector, plenty of for ICE founder and main executive Jeff Sprecher to assert bitcoin “has the likely to turn into the very first around the globe currency”.

Numerous mainstream media shops lapped up the story with the likes of CNBC operating with the headline “New Starbucks partnership with Microsoft allows buyers to spend for Frappuccinos with bitcoin”, implying that the Seattle-centered espresso retail big will start accepting cryptocurrency payments.

On the other hand, Starbucks has specifically refuted these types of stories, clarifying that it would not specifically take bitcoins but will aid buyers swap their cryptocurrency to U.S. pounds right before paying it at its shops.

A spokesperson instructed Motherboard:

“It is important to make clear that we are not accepting electronic assets at Starbucks. Instead the trade will convert electronic assets like Bitcoin into US pounds, which can be applied at Starbucks.”

Starbucks pressured it would play a “pivotal role” in backing regulated client purposes to aid swap their cryptocurrencies into fiat for use at retail shops, in its push release accompanying the announcement on Friday.

The Bakkt platform, Starbucks defined, will see ‘trading and conversion’ of cryptocurrencies into fiat “as Bitcoin is today the most liquid electronic currency”.

“At the latest time, we are asserting the start of investing and conversion of Bitcoin, the spokesperson explained, including:

“However, we will carry on to discuss with buyers and regulators as the place evolves.”

Showcased image from Shutterstock.

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