New York: Recently, there have been reports about Starbucks to accept Bitcoin payment but the company has termed all such reports as ‘misleading’ and denied the reports that say it would be accepting Bitcoin.
A spokesperson of Starbucks made it clear that the company won’t be taking any payment through Bitcoin and the reports from mainstream media were ‘misleading’.
Notably, it was announced on Friday by the Intercontinental Exchange (ICE) which operates the New York Stock Exchange (NYSE) that it is planning to come up with a new venture which will be a‘global platform and ecosystem for digital assets. The ICE also announced that big players like Microsoft, Starbucks and BCG are also a part of this venture.
Starbucks partners with Microsoft, ICE on new cryptocurrency that can pay for Frappuccinos https://t.co/gwa4FrwOcJ
— Brian Kelly (@BKBrianKelly) August 3, 2018
Starbucks is partnering with Microsoft and ICE on a new cryptocurrency platform called Bakkt aimed at consumer use.
New Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with #bitcoin
This is HUGE.🚀
— Justin Wu @ London (@hackapreneur) August 3, 2018
The world’s largest exchange also announced the introduction of a one-day futures contract which will come up in November. It said that this contract will be completely different from the offering of CME Group and CBOE Global Markets. The contract owners will not get cash; rather they will be given Bitcoin when the contract gets over.
Despite the announcement coming from the world’s largest exchange, there were concerns expressed by the experts especially over the timing of the release.
Maria Adamjee, President of Megalodon Capital, said, “It’s prudent for them as an exchange to list the new and up-and-coming thing, and knowing that this crypto thing is not going to go away, it makes sense for them to do it. But is the market actually ready to do this?”
As soon as the announcement floated in the market, a lot of mainstream media started spreading the news that soon Starbucks might start accepting Bitcoin as one of the payment methods.
The company denied all the reports swiftly. The company released a statement regarding the same which read, “Customers will not be able to pay for Frappuccinos with bitcoin.” Though, it confirmed the participation in the new venture of ICE as the statement read that company is part of a new venture creating a platform to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”