Starbucks has clarified comments made last week regarding accepting Bitcoin payments, stating that in fact “customers will not be able to pay for Frappuccinos with Bitcoin.”
The misleading comment was made Friday, Aug. 3, following the revelation of a joint effort between Starbucks and Microsoft, among others, to create a new “global platform and ecosystem for digital assets,” dubbed “Bakkt.” It was an exchange with the intention to ease conversion of Bitcoin to U.S. dollars, with which you can buy coffee. Originally it was thought to be a global exchange that would allow consumers to use Bitcoin and cryptocurrencies at Starbucks.
Maria Smith, vice president of partnerships and payments for Starbucks, said in a statement, “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 U.S. dollars for use at Starbucks.”
It was a simple misunderstanding that led readers to believe Starbucks would be accepting cryptocurrency.
“It’s very big news for Bitcoin because people say ‘where can you spend it?’ Now at every single Starbucks,” says Brian Kelly, founder and CEO of BKCM.
News outlets quickly picked up the story, claiming Starbucks had jumped on the crypto bandwagon.
However, Starbucks’ intention was not to provide an avenue to spend crypto but rather to state that the company is part of a new venture to create a platform to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”