Recent news that Starbucks has partnered with Microsoft, the International Exchange, and a few other companies to launch a cryptocurrency venture called Bakkt has fueled reports that Starbucks is getting ready to start accepting Bitcoin in its stores.
Speaking to Motherboard, however, the company has stated that this is not true.
“Customers will not be able to pay for Frappuccinos with bitcoin,” a Starbucks spokesperson told the outlet, refuting a CNBC story published Friday.
Starbucks’ press release, dated Aug. 1, said Bakkt will be a “regulated, global ecosystem for digital assets” that will enable customers and institutions “to buy, sell, store, and spend digital assets on a seamless global network.”
But Bakkt will initially only let users trade and convert Bitcoin into fiat currencies, which (obviously) can be used at Starbucks.
Being the first significant foray the cryptocurrency space by Starbucks, as well as a platform that will likely bring Bitcoin to the attention of mainstream users, Bakkt is a boon for cryptocurrency proponents. But right now, it appears Starbucks is more interested in helping customers turn bitcoins into dollars than actually using them for purchases at its stores.
A Starbucks spokesperson told Motherboard that the company will “continue to talk with customers and regulators as the space evolves,” but it appears that directly spending Bitcoin or any other cryptocurrency at Starbucks is still ways off.
Bitcoin’s price has been on the decline since late July, when it hit a two-month high of $8,340 according to CoinMarketCap. Right now, Bitcoin is trading at $6,993 with a market capitalization of $120 billion.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.