Yes, Starbucks is getting into crypto—just not at the cash register. At least not yet.
The coffee retailer on Friday announced Bakkt (pronounced “backed”), a joint venture with the Intercontinental Stock Exchange (NYSE’s parent), BCG, and Microsoft, among others. The new company aims to create a “seamless global network” for spending digital assets such as bitcoin. Starbucks’ payments VP said the company would 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.”
That was enough for news outlets. Various headlines trumpeted the notion that Starbucks fans would soon be able to pay for their teas and lattes with bitcoin.