Earlier this summer at the beginning of August rumors ran rampant on the internet that Starbucks was preparing to accept Bitcoin directly as payment for their products at retail locations. This was fueled primarily by THIS press release from Starbucks regarding their involvement with Intercontinental Exchange (ICE) to form a new company called “Bakkt” in partnership with Microsoft and Boston Consulting Group (BCG). To summarize; the new company will focus on developing applications to bridge the gap between retail and cryptocurrency with plans to launch in November 2018. News organizations and BTC hodlers everywhere went wild and the echo chamber of the internet quickly transformed the announcement into a matter-of-fact Bitcoin-for-lattes statement. This is not the case.
However; there is still room for optimism, in that there is indeed an application that will allow you to pay for your good bean juices with Bitcoin if you so desire. iPayYou has integrated with the Starbucks app to allow preloading your account from your iPayYou Bitcoin wallet. Read the press release for the full details HERE. The application is called “Bitcoin Direct to Starbucks” which sounds awfully like the intentions of the aforementioned project with Bakkt.
Who knows what November will bring; but this new partnership has certainly stirred up the interest of coffee drinking BTC enthusiasts across the world. The coffee chain is also expanding its mobile commerce platform to include integration with the massively popular WeChat mobile application in a partnership with Tencent, making a stronger push into the lucrative Chinese mobile market. HODL on folks 😉