Starbucks will not accept Bitcoin payments
International coffee chain Starbucks has explained that it will not accept bitcoin or other cryptocurrencies at its points of sale, contrary to media assumptions, writes Motherboard..
On Friday, New York Stock Exchange operator Intercontinental Exchange (ICE) announced plans to create a new “global digital asset platform and ecosystem” with companies such as Starbucks, BCG and Microsoft..
This was followed by several popular media articles, including “New Starbucks and Microsoft Agreement to Allow Customers to Pay for Frappuccino with Bitcoins” on CNBC, where it was assumed that the coffee chain’s involvement in ICE’s trading platform implies the integration of cryptocurrencies at its points of sale..
A spokesman for the company in a conversation with Motherboard explained that in reality “customers will not be able to pay for frappuccino with bitcoins”, but the company is participating in a project through which they will be able to “convert digital assets like bitcoin into US dollars and pay with them at Starbucks.”.
“We are currently announcing the launch of Bitcoin trading and conversion. Nevertheless, we will continue to engage in dialogue with regulators as we improve this space, ”he explained..
In May The New York Times citing his own sources, wrote about ICE’s plans to launch bitcoin futures with a “physical” delivery of the asset, which the company confirmed last week.
In late July, former hedge fund manager Mike Novogratz suggested that the cryptocurrency market needs support from companies like the New York Stock Exchange for institutional investors to feel confident on it..
“Think about how institutional investors work. It’s hard to take and tell your boss, “I keep my money in a place you’ve never heard of.” A trusted custodian with a big name – a Japanese bank, HSBC, ICE or Goldman Sachs – is needed for the institutional investor to feel comfortable, “he said at the time..
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