Starbucks Not Accepting Virtual Currencies… At Least Not Yet

· 07 Aug 2018 in Crypto News

It seems that Starbucks, one of the most important coffee shops in the world, will not be accepting virtual currencies as it was suggested. On August 3rd, the Intercontinental Exchange (ICE), announced that it was working with Microsoft and Starbucks to leverage virtual currencies.

Bitcoin ‘Not Accepted’ in Starbucks

People in the cryptocurrency sphere started speculating about Starbucks accepting Bitcoin as a means of payment. But the truth is that Starbucks will not be doing so. If a person wants to pay using cryptocurrencies in a Starbucks shop, then it will have to sell the virtual currencies for US Dollars and pay with them.

Maria Smith, Vice President, Partnerships and Payments for Starbucks, commented on the matter:

“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 Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for customers.”

Intercontinental Exchange, a very important operator of global exchanges, clearing houses, data and listings services, wants to create a new company known as Bakkt. The firm will be leveraging Microsoft cloud solutions with the intention to create an open and regulated global ecosystem for digital assets.

The Bakkt system will include federally regulated markets and merchant and consumer applications. One of the first things that they will develop will be an exchange to trade Bitcoin against other fiat currencies.

At the moment, it is possible to pay in Starbucks using traditional cash, card, or with the chain’s popular mobile app that outpaces Apple Pay, Google Pay and Samsung Pay.

This is not the first time that Starbucks appears in the news because of virtual currencies. In the past, Twitter users reported that some stores in Buenos Aires were using the Wi-Fi Network of the place to mine virtual currencies using clients’ computing power.

In the end, the company informed that they were alerted about the situation and that they took ‘swift action to ensure’ that the internet provider solved the issue.

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