Starbucks to start accepting bitcoin

(FinacialPress) — Your frappuccino will soon be paid for in digital currency. Starbucks has annouced that it will soon begin to accept bitcoin-derivate payments in their coffee shops around the US.

The innovative project is a joint effort between Microsoft, Intercontinental Exchange and Starbucks themselves. Intercontinental Exchange is more notoriously known for owning the New York Stock Exchange.

Together, they have begun to develop a digital platform called Bakkt. The app will allow customers to store their  cryptocurrency in a digital wallet, which will be exchanged into US Dollars at the moment of purchase. The famed coffee shop will not accept bitcoin directly as a method of payment.

Starbucks said in a statement that the goal is to remain innovative and offer more payment options for its customers.

Bitcoin (BTSC) will be the first currency that the new project will cover. The hyped digital currency has not seen its value rise in as stable a manner as its buzz has. In late 2017, it reached a peak value of $20,000; nowadays, it stands at roughly $8,400. Interested parties can also purchase bitcoin fractions, called “satoshis“ as a tribute to its creator‘s pseudonym: Satoshi Nakamoto.

Bakkt is set for a November release. Starbucks has not yet revealed when it will adopt the app for in-store purchases. Once released, the digital platform will be available for other merchants as well.
Starbucks has historically been an early jumper to digital payment trends. Back in 2011, they were one of the first major stores to take mobile payments in-store.

With Starbucks‘ decision, bitcoin gets an important endorsement to legitimize its value as an alternative currency. Other notable backers that have started to accept the cryptocurrency include Overstock (OSTBP), Expedia (EXPE) and Microsoft(MSFT).

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