You Can’t Pay for Frappuccinos with Bitcoin, Starbucks Denies to Accept Cryptocurrency as Payment
The company is involved in a new venture that creates a platform to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”
There was news doing rounds that Starbucks' Partnership with Microsoft May Allow You to Use Bitcoins at Their Stores. However, according to recent media reports the president and former CEO of Starbucks Howard Schultz have denied the reports by Bitcoin and said that it won't happen soon. And according to media reports, he has however said that blockchain is "certainly an object of interest in the near future."
While the world already has a whoppercoin for Russian Burger King and a KodakCoin for image rights and a cryptocurrency that is based on the British Prime Minister, Theresa May. But it seems there is still time before you will be able to buy your favourite cuppa at Starbucks via Cryptocurrencies.
Schultz said to Investing.com that, “I’m not bringing this up because Starbucks is announcing that we are forming a digital currency or we’re investing in this,” He further said, “I’m bringing this up … as we think about the future of our company and the future of consumer behaviour.”
While Starbucks has no plans to get on the cryptocurrency bandwagon immediately yet, it surely would still be on it for their future prospects. Also, Schultz had mentioned earlier that he envisions the chain to go cashless in the near future.
However, According to bitcoin exchange guide, other retailers that have also accepted digital assets as payment are Overstock.com, Expedia, Shopify, and CheapAir and that Starbucks adopting cryptocurrency may help bitcoin become a mainstream currency soon.
In partnership with Microsoft, Starbucks, the most popular coffee chain will now get into the cryptocurrency business but not as it was interpreted by media. Instead the company in a statement said to investing.com that “Customers will not be able to pay for Frappuccinos with bitcoin," Instead, the company is involved in a new venture that creates a platform to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”
(The above story first appeared on LatestLY on Aug 06, 2018 11:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).