Consumers walking into a Starbucks café or order online a coffee could soon be allowed to by paid by bitcoin.
The company has recently announced striking of a tie up with Microsoft and Intercontinental Exchange, the owner of the New York Stock Exchange, to draw up a technology to allow its customers to use cryptocurrencies top pay for purchases from the company’s stores.
According to the details of the project, the three firms working on it are developing a platform that has been christened Bakkt that would allow the users and customers of Starbucks to keep and store crypto currencies on the platform and then use those currencies for trading against the company’s products. The US coffee giant has announced that it would directly neither store or accept the crypto currencies. The platform Bakkt will help to convert the digital currency stored on the platform into US dollars which then can be put to use for purchasing products at any of the Starbucks coffee chains.
The aim of the project by Starbucks is a part of its attempts to remain innovative and develop and offer more ways to pay for the customers.
According to the announcement by the US company, the first crypto currency that would be allowed to be stored and used on the platform Bakkt would be bitcoin which has been a buzz in the crypto currency world as an alternative currency. However, the rise and popularity of the digital. currency itself has been very unstable. At the end of last year, bitcoin had attained a record value of about $20000 for a single of the digital currency. However, its value now is just a little more than $7,400, having fallen drastically in the last few months. The high value of the digital currency means that people are now allowed to even purchase a fraction of a bitcoin.
The companies said that they expect to launch the platform Bakkt sometime in November but it Is not clear the time frame that would allow Starbucks to use and implement the technology for use by its customers. Other merchants would also be able to make use of the platform, the companies said.
Starbucks had on earlier occasions also attempted to make use of digital payments systems. the company was amongst the first larger companies that allowed the use of and acceptance of in-store mobile payments in 2011.
The move by a large global brand like Starbucks to allow and accept crypto currency would also take the issue of granting of legitimacy of digital money a step further.
However, there have been other US companies that have treaded this path on earlier occasions. Overstock, Expedia and Microsoft are among a growing number of companies that allow customers to buy products with bitcoin online.
(Adopted from Money.cnn.com)