Starbucks customers may soon be able to pay for their bitcoin lattes.
The company today announced that it will collaborate with Microsoft and Intercontinental Exchange, the owner of the New York Stock Exchange, to allow customers to use cryptocurrencies to purchase items in stores .
Companies are working on a platform called Bakkt to allow users to store digital currency and exchange it for products. Starbucks will not store or directly accept cryptocurrency, but Bakkt will transform people's digital currency into US dollars that can be used in the coffee chain.
Starbucks said the move is part of an effort to stay innovative and offer customers more ways to pay.
Bitcoin ( BTSC ) the first currency that will be available on Bakkt, is a lively alternative but its increase in popularity has been far from stable. At the end of last year, the value of a bitcoin was as high as $ 20,000, but currently has a price of just over $ 7.400. People can also buy a fraction of a bitcoin.
Bakkt should be launched in November and it is unclear when Starbucks will be able to implement the technology for use by customers. The platform will also be available for other merchants to use.
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This is not the first time that Starbucks has jumped on the digital pay bandwagon. In 2011, he became one of the first major retailers to accept mobile payments in the store.
Starbucks' decision to embrace cryptocurrencies could help further legitimize the use of alternatives such as bitcoins.
But it is not the first American company to do it. Overstock ( OSTBP ) Expedia ( EXPE ) and Microsoft ( MSFT ]) are among a growing number of companies that allow customers to buy products with bitcoins online.
CNNMoney (New York) First published on August 3, 2018: 4:00 PM ET