The coffee company titan, Starbucks, stressed that it will not accept bitcoin for coffee. This is to clear a number of misleading reports that the coffeehouse chain will offer frappuccino for digital assets.
After the announcement of its cryptocurrency venture with Microsoft and Intercontinental Exchange (NYSE:ICE) called Bakkt, a “global platform and ecosystem for digital assets,” a number of mainstream media outlets released misleading headlines. Motherboard quoted CNBC saying “New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin.” This directly implies that Starbucks will accept bitcoin as a mode of payment for its products and services.
The original press release of Starbucks only said the company “will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” as said by Ms. Maria Smith, Vice President of Partnerships and Payments.
With the misleading news spreading throughout the internet, a Starbucks spokesperson clarified to Motherboard that it will not accept bitcoin. The spokesperson added that the coffeehouse chain ventured to a new platform called Bakkt that will convert digital assets like bitcoin to U.S. Dollars that a customer can then use to purchase in Starbucks.
“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.” – Starbucks Spokesperson
In a previous report, Starbucks chairman, Mr. Howard Shultz, said that the company is open to cryptocurrencies but not bitcoin. He does not believe that the pioneer of cryptocurrencies has the ability to “be a currency today or in the future.”
Mr. Shultz also shared that the company is interested in blockchain. He said that it will likely use the technology in the future for virtual currency payments.
Read more: Starbucks Interested in Blockchain
In the Philippines, a coffee shop in Davao accepts bitcoin. Blugre Coffee in Matina Town Square Branch is now accepting bitcoin. According to its owner, Mr. Benjamin M. Cuaresma Jr., he plans to roll this out to other Blugre Coffee branches in Davao.
Aside from coffee shops, cryptocurrencies are slowly being utilized in the country. There is a game store that accepts them, a bar where you can withdraw bitcoin to cash and also earn crypto, and shops that have partnered with LoyalCoin.