A lot of people are seemingly surprised that Starbucks will not be accepting cryptocurrency payments anytime soon. Although there are some conflicting reports on the firm’s most recent developments involving cryptocurrency, Starbucks currently has ‘zero interest’ in dealing with Bitcoin at its stores right now.
Starbucks Doesn’t Want Bitcoin for Coffee
Getting cryptocurrency into the hands of both consumers and retailers has proven to be an interesting challenge. Starbucks, for example, has no interest in accepting Bitcoin or other cryptocurrencies, even though some reports have claimed otherwise.
There are two different aspects to the Starbucks-cryptocurrency angle one needs to keep in mind. First of all, the coffee giant has made it clear that it seeks to enter the cryptocurrency trading market as part of a joint venture with BCG, Microsoft, and NYSE’s parent company ICE. That in itself can only be considered to be a very positive development, especially since the venture brings cryptocurrency exposure to institutional investors.
At the same time, some media outlets have begun speculating whether Starbucks is looking to accept Bitcoin payments across its stores as well. That is not happening whatsoever, as the coffee giant wants nothing to do with accepting Bitcoin directly.
With that being said, it is true that Starbucks is working on developing regulated applications for consumers looking to convert digital assets into US Dollars for Starbucks purchases.
While that may sound as if Starbucks will accept Bitcoin, it is anything but that. Their to-be-built exchange will convert digital assets to US dollars. With those dollars, clients can pay for their coffee, which is how their business usually works anyway.
For the time being, Starbucks is taking a very cautious first step within the crypto domain by offering users with a new exchange service. However, this move may pave the way for different solutions in the future, but until further notice, you will not be able to pay for your Starbucks coffee with Bitcoin directly. The Fold App provides a viable alternative in this regard.
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