On 4th August, BTC Wires, along with many other mainstream media houses, had reported that Starbucks would allow its customers to pay for Frappuccinos with bitcoin. However, it looks like that will not be the case, for now. A spokesperson from Starbucks has clarified that this is a misrepresentation of the company’s recent crypto venture, and that customers can’t use cryptocurrency as a mode of payment for their purchases.
The spokesperson further clarified that the company was dipping its toe in a new venture which aims to establish a platform called Bakkt, which would allow for the conversion of bitcoins into USD which can then be used to make purchases at Starbucks. He went on to say:
“At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.”
What led to this confusion and misinterpretation of facts by many media houses was a major announcement made by New York Stock Exchange (NYSE) operator the Intercontinental Exchange (ICE), when they said that they are planning to create a new “global platform and ecosystem for digital assets,” dubbed “Bakkt,”
Starbucks aims to clear out all the confusion and to that end they have elucidated on their new venture during an official press release which took place on Friday. In the press release they stated that they plan to include physically delivered Bitcoin futures. They said:
“As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.”