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Bitcoin may be out of bounds, but the coffee chain does not neglect the technology that underpins tends the crypto-currencies. Howard Schultz, executive chairman of Starbucks and the face behind the brand, suggested that blockchain could very well be part of the future of the coffee retailer, highlighting the possibility of an "exclusive digital currency embedded in our app . " He told Fox Business:
"I think blockchain technology is probably the path in which an integrated Starbucks application will be installed."
It is interesting to note that Schultz, at the last publication of the company's results, suggested that they were not developing their own cryptocurrency and investing in any blockchain start-up . But he did at that point point to the blockchain to finally provide a "consumer application" for cryptos.
If you think Ripple's XRP would have been ideal, consider that Ripple boss Brad Garlinghouse does not consider XRP as a cryptocurrency.
"This is not currency, I can not go on Starbucks or Amazon and use [it.] … These are digital assets.If the asset solves a problem real for a real customer, then there will be value in the asset. "- Brad Garlinghouse at the Yahoo Finance All Markets Summit on Encryption
Starbucks, which runs its first "cashless store" in Seattle, has adopted mobile technology payments. "Over the past four to five years, Starbucks has created a proxy for a mobile digital payment system," Schultz said on Fox Business, noting that 50% of the company's offer is paid with smartphones. Meanwhile, in China, which is a leader in mobile payments, nearly three quarters of the business is cashless.
Blockchain, Yes. Bitcoin, No.
But Schultz is not interested in bitcoin, having avoided cryptocurrency, presumably for long periods of transactions and high fees that have plagued the network.
Blockchain technology could be the gateway allowing the company to accept a cryptocurrency more favorable to payments. The public registry could also be a means of demonstrating its commitment to ethical ingredients for menu items, with the ability to track products such as coffee and cocoa from farm to table. Schutz emphasized the company's commitment to the community, and the public ledger is definitely a good way to record and share it.
No Blockchain Pop
Schultz made the comments on February 27, and the stock did not maintain the typical "blockchain rebound" that listed companies get to associate blockchain with their operations in one way or another. another.
Schultz notes the long-term vision of the company, which will not be influenced by the performance of a quarter . He focuses more on the relevance of the brand outside the outlets as well as in the interior, which he says is the "real question" for all brick and mortar stores in Canada. These days.
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