Starbucks, the American coffee-company, which is a worldwide household name, is to start accepting bitcoin and its brethren as means of payment in its branches.
At present, the coffee-titan is collaborating with Microsoft and a key global trading venue to establish a novel virtual platform. The latter is expected to permit clients to pay for Starbucks coffee with BTC or any other crypto-unit.
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Among Starbucks’ pards, which are teaming up around the idea, apart from Microsoft also are the Intercontinental Exchange, BCG, and others. Together, they are working on the setup of Bakkt – a business that will let both users and entities purchase, vend and spend cyber-money on the worldwide net. As CNBC reports, the launch of Bakkt might take place before November 2018.
Bakkt will convert customers’ crypto-coins into public currency (dollars) and enable the purchase of:
- Cold Foam Cascara Cold Brew;
- Matcha Lemonade;
- And other products of Starbucks.
Maria Smith, the vice president of cooperation and payments for the most recognizable coffee brand, has stated that Starbucks will be at the forefront of creating pragmatic and reliable apps for users. By the latter, she meant apps for converting virtual money into ‘real’ one and paying for Starbucks products.
Despite crypto-bears going against the use of cryptos for payments (explaining it by their instability), Starbucks is not taking BTC and its ilks with a grain of salt. Moreover, experts believe the move could help the ‘Big Daddy’ take the position of the only mainstream cyber-coin. Another bullish outcome for bitcoin might be that it will increase in price, recovering to the highs it has not seen after December 2017.