With Bitcoin and other cryptocurrencies no longer spiralling upwards out of control, those holding the currency may be looking to spend them rather than holding onto the digits.
Microsoft is partnering with Starbucks and Intercontinental Exchange to help holders buy one of your staples, a daily mocha, from your local coffee shop.
“It’s very big news for bitcoin because people say, ‘Where can you spend it?’ Now at every single Starbucks,” said Brian Kelly, founder and CEO of BKCM. “Starbucks is seeing some kind of demand for acceptance of crypto and bitcoin, and to tie up with a huge regulated institution like the ICE is really positive for the space.”
The partners, with BCG and others, are launching a new company called Bakkt that will help companies and consumers buy, sell, store and spend cryptocurrencies and spend it on actual products.
“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.”
The service is particularly important due to the volatility of cryptocurrencies, which can change value by hundreds of dollars in a single day. Hopefully, however, your Frappe will not go down in history like the bitcoin pizza, which would today be worth $74 million.