Coffee house giant Starbucks recently started accepting cryptocurrencies as a form of payment in an attempt to step-up their blockchain game. After previously publicly denying that they would be accepting crypto, they now seem to have changed their stance.
According to Fortune magazine, Starbucks has officially become a Flexa partner. Flexa is the startup working with Gemini exchange, a cryptocurrency exchange owned by the Winklevoss twins, to facilitate crypto-payments for retailers and help them reduce the commissions paid for current payment providers.
The company officially started backing new Bitcoin futures and custody platform Bakkt last year. Rumours began to surface at that time about Starbucks accepting cryptocurrency payments, which they denied.
According to Flexa’s CEO, Tyler Spalding, payments through the network can be done in BTC (Bitcoin), ETH (Ethereum), BCH (Bitcoin Cash) or GUSD (Gemini’s Stable-Coin) with more assets coming soon. The payment is done through their mobile application “SPEDN”, you simply load the app with cryptocurrencies and pay using a QR code at partnered retailers. Although Flexa claims to be a supported form of payment in more than 30,000 stores worldwide, the app is not currently available on the UK App Store.
Starbucks is not the only retailer that seems to has started accepting cryptocurrencies thanks to Flexa and Gemini. Nordstrom, Whole Foods, Barnes & Noble, Bed Bath & Beyond, Lowe’s, Gamestop and Office Depot are all new official partners of Flexa and ready to accept digital assets as a form of payment.
Starbucks image licensed via Shutterstock