Starbucks is working with Microsoft on technology that would allow you to pay for triple venti lattes with Bitcoin rather than cash.
The two companies, along with Intercontinental Exchange and BCG, are partnering on a new company called Bakkt that would let both individuals and institutions buy, sell, store, and spend cryptocurrencies. The service is expected to launch in November.
“As the flagship retailer, Starbucks 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,” Maria Smith, vice president of partnerships and payments for Starbucks, said in a statement. “As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”
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The service would allow customers to use a digital wallet and convert Bitcoin and other currencies into dollars that can be used to make purchases at Starbucks as well as other retailers.
The move would add Starbucks to a growing list of businesses that accept Bitcoin as a form of payment. Several companies that have previously accepted Bitcoin have since decided to stop supporting the cryptocurrency. In April, for example, Expedia dropped support for cryptocurrency in partly due to the volatility in value for digital currencies like Bitcoin.