Starbucks Clarifies Rumors: We Don’t Want Bitcoin, But We Are Willing To Help You Spend Them

Starbucks Clarifies Rumors: We Don’t Want Bitcoin, But We Are Willing To Help You Spend Them

Cryptocurrency News
August 6, 2018 by Jane
1889
On Friday Intercontinental Exchange announced its plans to launch a new company dubbed Bakkt. The report suggested that Starbucks is getting ready to accept Bitcoin payments through a fiat intermediary. The exchange will allow for customers to trade crypto for fiat and participate in the purchase of items at Starbucks. This announcement created a great deal
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On Friday Intercontinental Exchange announced its plans to launch a new company dubbed Bakkt.

The report suggested that Starbucks is getting ready to accept Bitcoin payments through a fiat intermediary. The exchange will allow for customers to trade crypto for fiat and participate in the purchase of items at Starbucks.

This announcement created a great deal of excitement amongst crypto enthusiasts, traders/investors, reporters, and analysts. But the coffee company has come out to clarify the rumors.

The company has made its intention clear that it wants to operate with cryptocurrency–albeit through the presence of a third party intermediary.

According to Starbucks spokespeople, however, this is not the case. Starbucks doesn’t want bitcoins, but it’s willing to help people spend them.

“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.”

Bakkt, the proposed exchange for simplifying the swap of BTC and fiat for market purposes, represents a collaboration between Starbucks, Microsoft, and Intercontinental Exchange.

Bakkt will launch months before Starbucks would accept cryptocurrency anyway, but if the public expects this to all happen at once and it doesn’t, it looks like a failure when it isn’t.

 

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