Starbucks has entered the Crypto world.
For those of you who enjoy having a cup of joe, Starbucks is gearing up to accommodate the crypto community.
The coffee giant has recently teamed up with Bakkt in efforts to pull off what may be the first crypto ETF. In the agreement between the two companies, Starbucks would be getting a great deal of equity in Bakkt. Now there’s a catch, the deal never specified that Starbucks needs to accept Bitcoin. Reports from the company state they also have no intention of doing so, not in the way you may imagine at least.
In an Interview, Starbucks told The Next Web:
“Our role as the flagship retailer for Bakkt is to consult and develop applications for customers to convert their digital assets into US dollars, which can then be used in our stores. We anticipate that a range of cryptocurrencies will gain traction with customers and, through our work with Bakkt, we will be uniquely positioned to constantly consider and offer customers new and unique ways to pay seamlessly, at Starbucks. As we continue to move forward with this work, we anticipate we’ll have more to share in the coming months.”
So basically think about how the cash app card works; you’re able to have crypto, convert it into fiat by selling it and using your black card to make purchases in USD.
The Next Web’s Yessi Bellow Perez says:
“Starbucks allowing consumers to convert their cryptocurrency into fiat is certainly not the same as Starbucks accepting payments in digital currency […]”
It’s true, the Starbucks method is not the same, but it is an attempt that can lead to feature integration of actual crypto acceptance. Remember, you can only move forward to have a successful company. As times change, so do our payment methods. At least Starbuck is giving crypto users a fair shot. There are people out there that refuse to return to fiat and cash out their crypto to avoid taxation. This Bakkt integration may give them a fair shot at having a frappucino once again.
The lightning network would be the better option for Starbucks in the future if they ever do decide to accept BTC. Just like Kroger, Starbuck could too facilitate low-cost fees and real-time transactions. Who knows, maybe Starbucks will change their minds once those Visa fees start to hit.
Don’t forget to sip while you trade!