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Starbucks Clarifies Cryptocurrency Payment Not Accepted For Its Coffee, In Response To Media Misrepresention

Starbucks said it would not consider and accept Bitcoin (BTC) or other cryptocurrencies as a type of payment, despite misleading media reports, spokeswoman of told Motherboard on Friday, August 3.

Earlier on Friday, the Intercontinental Stock Exchange announced, that operates the New York Stock Exchange plans to create a new global platform and ecosystem for digital assets called Bakkt with a group of some large companies, including BCG, Starbucks, and Microsoft.

After a big announcement, a number of media outlets, including Bloomberg and CNBC, indexed misleading headlines. For Instance, the new alliance of Starbucks with Microsoft enables customers to pay for Frappuccino with Bitcoin; this directly depicted a partnership that customers can buy goods from Starbucks in exchange for crypto.

A representative of the multinational coffee chain explained in statements that “Customers won’t be able to shell out Bitcoin for Frappuccinos,” but the company is part of a new development, Bakkt platform that is creating Bitcoin digital assets to convert into US dollars that can be utilized with Starbucks, ”
“At the moment we are announcing the commencement of trade and Bitcoin conversion. But we will continue to talk with clients and regulators, as space is developing and evolving swiftly.”

The official press release of Starbucks from the draft Friday project, states that, in anticipation of regulation, the physical bitcoin future will be included.
In May, the New York Times reported that ICE is considering launching contracts for the delivery of physical BTC.

At the end of July, the former employee of Wall Street and current crypto entrepreneur stated that the crypto market need reliable names as custodian such as Goldman Sachs, Japanese bank or ICE or HSBC to make feel the institutional investors comfortable while dealing.

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