Another huge mainstream company has decided to jump into the crypto game, following other industry giants like Kodak and KFC did earlier in the year. Starbucks Chairman Howard Schultz has revealed plans to incorporate cryptocurrencies and blockchain technology as a payment option for customers.
Schultz did clarify that Starbucks is not creating its own currency at the time and is looking into various different altcoins. All though which altcoins being considered has not been stated, Schultz has ruled out Bitcoin due to the original crypto not being able to be used as a reliable currency. Bitcoin has been facing scaling issues, with long transaction times and high fees.
Schultz has openly shown support for block chain technology and cryptos and believes the move to integrating cryptos with Starbucks will help expand digital customer relationships.
“I’m talking about … the possibility of what could happen — not in the near term, but in a few years from now — with a consumer application in which there’s trust and legitimacy with regard to a digital currency.” -Schultz
The CEO of Starbucks Kevin Johnson(the role Schultz served as twice before resigning to Chairman and turning over the role to Johnson) responded to Schultz’s comments by further clarifying that Starbucks has no specific projects or investments in crypto but the company is testing cashless stores and other digital payment platforms.
A company of Starbucks’s stature would definitely lend credibility to these new technologies to mainstream users who may have heard of crypto currencies but are unsure of their legitimacy.