With Starbucks move towards cryptocurrency space, media reports told fans that soon they are going to get Starbucks Coffee for Bitcoin. Starbucks came forward to clear the ground and has announced that it is not ready to accept bitcoin payments for your cup of coffee yet.
On 3rd August 2018, Starbucks announced its partnership with Microsoft and Intercontinental exchange that is making efforts forwards building “Bakkt” platform to work upon the regulatory policies to reduce the traction of bitcoin mainstream adaption.
CEO of Bakkt Kelly Loeffler ridiculed the Starbucks Bitcoin news and announced the light details of the collaborative platform and how it is going to transform the position of digital assets in the global market. Jeff Sprescher, the ICE founder, is a big-time Bitcoin supporter, and as the platform under development built primarily for Bitcoin, Jeff believes it will soon become a globally accepted currency.
Starbucks Bitcoin news got trolled for this partnership when the media misinterpreted news as Starbucks ready to sell coffee for Bitcoins.
Although Starbucks spokesperson did announce that their facilities will help customers exchange crypto assets with fiat, but their retails store will not accept crypto as a direct mode of payment, and there would be no coffee for bitcoin.
The Seattle-based coffee giant’s stand on cryptocurrency has been very positive, and as it will soon offer an exchange to swap cryptocurrencies with USD, it is opening more to space, but the fans have to wait for coffee for Bitcoin.
The platform will offer regulated use of the cryptocurrencies and will play a significant role in bringing around the mainstream adoption of the cryptocurrencies.
The regulatory policies are yet to be hardened, but as soon as the trading and conversion Bakkt platform are ready, Starbucks will have more visibility about the regulations required. They chose bitcoin to be the tradable currency on the platform as it has more liquidity and has received acceptance from lots of crypto users too. Starbuck Bitcoin news did bring in a wave of enthusiasm, but that was short lived.