The world’s biggest coffee maker has clarifies its position on cryptocurrency.
Amid the circulation of news that Starbucks will go on for Bitcoin venture and cryptos in general, the company has clarify the news.
American coffee company, Starbucks, has come out to debunk rumors that it was accepting Bitcoin and other cryptocurrencies as payment. Earlier in the week, the company announced Bakkt, a new global platform that will enable the spending of digital assets. This is a joint venture involving Intercontinental Exchange, BCG, and Microsoft, amongst others.
“The company would 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,” the company’s payment vice president.
The announcement excited several new outlets who rolled out different headlines with the notion that Starbucks customers would soon pay for their coffees and lattes with Bitcoin. On Saturday, the company decided to set the records straight. To clarify the notion and correct the impression already created, a spokesperson for Starbucks said:
“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. Customers will not be able to pay for Frappuccinos with bitcoin.
The announcement made by Starbucks indicates a significant interest in the promising crypto industry, and retail payments will be considered. When it comes to the frequent use of its mobile app, it is beating out big names like Apple Pay and Google Pay.
On Friday, Intercontinental Exchange (owners of the NYSE), Microsoft, BCG, and Starbucks, announced that the launch of Bakkt.
The announcement came as a relief for the crypto community. The new company will push Bitcoin and other cryptos towards becoming the mainstream financial asset. The news was timely, as it came at a time when crypto markets lacked the drive to get out of the crypto bear trend.