Starbucks Denied media reports of ‘Bitcoin for Coffee’

Contrary to reports in mainstream media, Starbucks has clarified that it will not be accepting direct bitcoin payments at coffee retail outlets.

Starbucks has clarified, contrary to the media reports that it won’t be accepting direct Bitcoin payments.

Starbucks Corp is the part of a joint venture between Microsoft and NYSE-owned, ‘Bakkt’, the Intercontinental Exchange (ICE), platform that could fundamentally bring cryptocurrencies like bitcoin into the mainstream.

As per Bakkt CEO Kelly Loeffler “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.”

After the announcement from Bakkt, multiple mainstream media outlets lapped up the story with the likes of CNBC running with the headline “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin.”

However, Starbucks has directly declined such reports, clarifying that it won;t be accepting bitcoin or any other digital currency, rather it would help it’s customers to exchange and replace their crypto assets with US Dollar.

As per the official statement,“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.”

Hence, it looks like cryptocurrency would be making it’s way into the Coffee business, directly or indirectly.

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