Blockchain

Starbucks Is Not Entertaining Bitcoin Yet

Starbucks has kick-started a new payment network method to help its customers.

Starbucks not accept bitcoin

Due to its wide application and future scope, Bitcoin is already riding high in the marketplace, and due to the same, many top companies have also started dealing in it. But Starbucks doesn’t seem to be very pleased with the Bitcoin services. 

The American coffeehouse chain has clearly conveyed its stand on the Bitcoin. Starbucks has said they are not going to accept Bitcoin as a payment method in their outlets.

On the contrary, the reports about Starbucks' involvement in some kind of blockchain project was reported lately. Last week, Starbucks along with other top companies like Microsoft, BCG, and Intercontinental Stock Exchange announced their move to infuse life in a new company named Bakkt. 

The focus of the company looks to offer a “seamless global network” leveraging “Microsoft cloud solutions to create an open and regulated, global ecosystem for digital assets.” The move sparked the wave of Bitcoin among the market analysts.

“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at the coffeehouse outlets,” said Maria Smith, Vice President, Partnerships, and Payments for Starbucks. “As a leader in Mobile Pay to our more than 15 million Rewards members, the company is committed to innovation for expanding payment options for our customers.” 

As reported by Motherboard, a spokesperson from Starbucks explained that the company is not getting into Bitcoin, but they are trying to develop an ecosystem where the customer will be able to convert cryptocurrencies to cash.

“It is important to clarify that we are not accepting digital assets at our outlets. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks,” a company spokesperson wrote to Motherboard in an email. “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 space evolves.”

As of now, Starbucks do accept digital payments in the form of a mobile payments app. It seems that the Bakkt initiative from the coffeehouse company is intended to regulate the financial transactions better and to bring the Bitcoin sudden price fluctuations in total control. If done correctly, the day is not far off when the virtual currency will entirely replace credit cards.

Vikram <span>Content Manager</span>
Written By
Vikram Content Manager

Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.

Blockchain

How Mobile Crypto Payment Services Impacts Financial Sector?

4 min read  

The internet is a truly wondrous creation. With the power of information, the sum of humanity’s discoveries from over two millennia can be accessed by anyone with an internet connection and a computer or smart device.Now with smart devices and mobile networks being readily available, we ar

Blockchain

Your Sloppy Bitcoin Drug Deal Over Dark Web can now be Traced

4 min read  

Besides the obvious fact that a decade ago, those four bitcoins that you spent on a bag of hallucinogenic drugs would now buy you an Italian sports car, your sloppy dark web dealings may have you in bigger trouble. One particular group of researchers speculates that evidence of your decade-old drug

Blockchain

Can Cryptocurrency Decode The Financial Crisis Of Africa?

4 min read  

Africa remains one of the regions where the significant chunk of the population doesn’t own bank accounts. Banking system stays to be in deplorable condition. People in Africa believes more in cash or barter system for the local payments, which can drastically pull-down any economy. So, some m

Blockchain

Top Emerging Blockchain Technology Trends to Follow [2020]

4 min read  

The blockchain technology first made its official appearance almost a decade ago, in the year 2009. Since then, the world has seen an exponential transformation in this remarkable technology. From the retail sector to the field of Healthcare and Medicine, blockchain technology has made its way into

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH