The coffee chain said that it is partnering up with Microsoft (NASDAQ:MSFT), as well as one of the biggest global cryptocurrency exchanges to form a new digital platform that would allow its customers to buy coffee and food with bitcoin and other cryptocurrencies.
The team includes Starbucks, Microsoft, International Exchange, BCG and others, who are getting together to form a startup called Bakkt. The company will give consumers and institutions the option of buying, selling, storing and spending cryptocurrencies on a global scale by November.
The platform will easily convert cryptocurrencies such as Bitcoin into U.S. dollars to buy Starbucks 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,” she added.
The decision to add cryptocurrencies as a form of payment was made due to popular demand.
SBUX stock was up about 1% on Friday following the news.
