‘No Coffee For Bitcoin’ Starbucks Clarifies As Media Misinterprets Its New Crypto Venture

Starbucks has clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as a payment option for its retail outlets.

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Starbucks has clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as a payment option for its retail outlets.

Starbucks is an American coffee company and coffeehouse chain that operates over 28,000 locations worldwide. The company was founded in Seattle, Washington in 1971.

Starbucks spokesperson told Motherboard on Friday, August 3rd, 2018 that

 “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.”

The announcement was to clarify its customers are misleading information proceeded from media outlets after Starbucks announced a new crypto venture.

Starbucks’s new crypto venture

Before the misleading news went round that Starbucks was going to begin accepting Bitcoin at its retail outlets, the company made a major announcement regarding cryptocurrencies.

Starbucks joins hands with Microsoft, BCG and the Intercontinental Exchange (ICE) dubbed “Bakkt” its new crypto venture. Bakkt is a regulated Wall Street platform that could fundamentally bring cryptocurrencies like bitcoin into the mainstream.

The Bakkt CEO Kelly Loeffler said about the project:

“We are collaborating to build an open platform that helps unlock the transformative potential of digital assets [cryptocurrencies like bitcoin] across GLOBAL markets and commerce. As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.”

According to the report, Bakkt is a global platform and ecosystem for digital assets. Bakkt will be a platform for the conversion of digital assets like Bitcoin into fiat currencies like the USD, EUR , nd JPY.

The spokesperson of Starbucks explained that the Bakkt platform will see trading and conversion of cryptocurrencies into fiat “as Bitcoin is today the most liquid digital currency”. He said:

“At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.”

In its Friday press release, Starbucks stated that it will back regulated consumer applications to help swap their cryptocurrencies into fiat which can further be used at its retail outlets.

Starbucks to support cryptos

Despite playing down the possibility of accepting Bitcoin or other cryptocurrencies at its retail outlets, Starbucks has stressed that it would play a “pivotal role” in achieving crypto adoption.

In addition, the Starbucks’ official press release Friday elaborated on the project, stating that it would also include physically delivered Bitcoin futures pending a decision from regulatory bodies.

Earlier this year, the New York Times reported on sources suggesting the ICE was considering launching physically-delivered BTC futures contracts, a move that has was confirmed by Starbucks’ Friday press release.

For the crypto industry, Bakkt is a groundbreaking development that would see assets move closer to finally reaching massive adoption.

In speaking about the Bakkt project, the founder and chief executive of ICE, Jeff Sprecher claimed that Bitcoin “has the potential to become the first worldwide currency”.

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