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Starbucks Corporation (NASDAQ:SBUX) Not Going Full Crypto After All
According to the recent reports, the news about Starbucks going full crypto that made numerous headlines by the end of last week turned out to be false and misleading.
No Frappuccino for BTC users just yet
The internet was hyped after recent reports of Starbucks deciding to go crypto an accept Bitcoin (BTC) and possibly altcoins as a valid method of payment. The news especially hit Twitter, with a lot of people tweeting that new partnership that includes the ICE (Intercontinental Exchange), an operator for the NYSE (New York Stock Exchange), as well as Microsoft and Starbucks, might mean that cryptos will become a valid payment method for Frappuccinos.
Starbucks partners with Microsoft, ICE on new cryptocurrency that can pay for Frappuccinos https://t.co/gwa4FrwOcJ
— Brrrian Kelly (@BKBrianKelly) August 3, 2018
Very big deal… and supports a roadmap that shows major institutions are creating supporting infrastructure for crypto @ICE_Markets @Starbucks @Microsoft #bitcoin https://t.co/oZsHtzRitA
— Thomas Lee (@fundstrat) August 3, 2018
However, while the partnership is real, and it will include the creation of Bakkt, a new global platform, as well as a new ecosystem for various digital assets, the news that Starbucks will officially accept cryptos is not. The misleading reports came as a misunderstanding, with various media outlets, like CNBC and even Bloomberg, jumping to conclusions.
The misunderstanding led to these media outlets running headlines that indicate that Starbucks’ partnership with Microsoft will allow Bitcoin and altcoin payments. However, Starbucks’ spokesperson clarified the situation, stating that this is, in fact, not true. According to the statement, Frappuccinos for Bitcoin will not be a thing anytime soon. Instead, the company will simply participate in the creation of the new platform called Bakkt.
Details about the platform
Bakkt will allow the conversion of cryptos into dollars, with the process resulting in those dollars being used at Starbucks. The spokesperson pointed out that the platform will allow conversion, and even trading of cryptos, but not their use at Starbucks locations. However, the company did not say that this might never come to pass. As the crypto space evolves, they will continue to talk with both, the regulators, as well as their customers, to maybe get to that point in the future.
The official press release issued by Starbucks last Friday has offered more details regarding the project. One statement, in particular, indicates that, if proper regulations arrive, the project might see the inclusion of Bitcoin futures, which would be physically delivered.
The news of ICE considering the launch of physically-delivered Bitcoin futures contracts has been mentioned as far back as in May of this year. Back then, the report came from the New York Times, and many have speculated if it will actually come to pass. Now, according to the new announcement, it might become one of the aspects of this new partnership.
Additionally, this might bring more trust to cryptos in general, considering how big and respected ICE is. One of the former executives of Wall Street mentioned back in July that this might be just what institutional investors need. Due to the general mistrust toward cryptos, it was said that the crypto market needs a trusted name to back it up. This might be a bank from Japan, HSBC, Goldman Sachs, or ICE. Now, it would seem that ICE will be the way to go, and big things might be awaiting the crypto market soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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