Starbucks to Add Bitcoin as Payment

8/8/2018

The ever-growing Starbucks recently announced it also would jump onto the cryptocurrency train. The coffee giant's statement comes as a venture with Microsoft and also an international exchange to come up with its digital platform.

The platform would finally give Starbucks lovers a means to pay for their morning cup of coffee with bitcoin along with other hot cryptocurrencies. Starbucks will operate together with Microsoft, Intercontinental Exchange (proprietor of this NYSE), also BCG to make a new platform named Bakkt. Bakkt enables retailers and consumers to purchase, market, and invest their cruptocurrencies on a worldwide infrastructure.

The strategy could go as soon as November 2018. "Since the flagship merchant, Starbucks will play a pivotal role in developing functional, trusted and controlled applications for customers to convert their electronic resources into US dollars for use in Starbucks," Maria Smith, vice president of partnerships and obligations for Starbucks, said in a statement.

As a pioneer in Mobile Pay for our over 15 million Starbucks Rewards associates, Starbucks is dedicated to innovation for expanding payment options for our clients."Bitcoin is predicted to be the initial money available on the platform.

But, Bitcoin remains the very rapidly changing. But a significant firm's investment into allowing bitcoin to be utilized for purchasing everyday things such as a cup of coffee might help normalize a relatively contentious money. "It is very major news for bitcoin because people say,'Where do you invest it?' Starbucks is seeing some kind of requirement for approval of crypto and bitcoin, and also to join with a massive regulated institution such as the ICE is actually favorable for the distance.

Starbucks is not alone in its choice. U.S. businesses such as Overstock, Expedia, Shopify and Microsoft are allowing clients to utilize cryptocurrencies such as bitcoin to buy products and services online. In reality, Overstock started accepting bitcoin as payment years back in 2014.