You Can Now Use Bitcoin To Buy Frappuccinos At Starbucks
Thanks to a partnership with Microsoft and ICE, you can now use bitcoin to buy your favorite drinks at Starbucks
Starbucks is jumping on the cryptocurrency bandwagon and is now accepting bitcoin as a form of payment for your favorite ice coffees. This is all thanks to a partnership the Seatle-based coffee giant has made with Microsoft, International Exchange, BCG, and others to develop a new cryptocurrency platform called Bakkt. The new digital platform will also allow consumers to use other cryptocurrencies in addition to bitcoin.
Bakkt will allow consumers and institutions to buy, store, sell, and spend cryptocurrencies on the global network by this upcoming November. It will easily convert bitcoin and other cryptocurrencies to U.S dollars, allowing people to buy Pumpkin Spice Lattes and White Chocolate Mochas right before the fall season finishes.
Maria Smith, vice president of partnerships and payments for Starbucks stated, "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." This innovation is sure to please the 15 million Starbucks Rewards members, many of which already use digital forms of payment to buy their delicious coffee drinks.
While many doubt whether or not bitcoin and other cryptocurrencies are sustainable (the value of bitcoin itself has dropped nearly 50 percent this year), this push to bring the currency to a large-scale consumer-facing company like Starbucks will definitely help crypto become a mainstream currency.
Starbucks won’t be the first retailer to accept digital assets. While Overstock.com was the first company to accept bitcoin back in 2014 and Shopify, Expedia, and CheapAir now also accept cryptocurrency as a form of payment, it will be interesting to see how the backing from one of the world's largest coffee shops will impact bitcoin and other cryptocurrencies.
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