Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
‘No Coffee for Bitcoin’ Starbucks Clarifies as Media Misinterprets Its New Crypto Venture
Crypto Gazette | Ulysses Smith | Aug 7, 2018
Starbucks has clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as payment option for its retail outlets.
Starbucks is an American coffee company and coffeehouse chain that operates over 28,000 locations worldwide. The company was founded in Seattle, Washington in 1971.
Starbucks spokesperson told Motherboard on Friday, August 3rd, 2018 that
“It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks.”
The announcement was to clarify its customers are misleading information proceeded from media outlets after Starbucks announced a new crypto venture.
Starbucks’s new crypto venture
Before the misleading news went round that Starbucks were going to begin accepting Bitcoin at its retail outlets, the company made a major announcement regarding cryptocurrencies.
Starbucks joins hands with Microsoft, BCG and the Intercontinental Exchange (ICE) dubbed “Bakkt” its new crypto venture. Bakkt is a regulated Wall Street platform that could fundamentally bring cryptocurrencies like bitcoin into the mainstream.
The Bakkt CEO Kelly Loeffler said about the project:
“We are collaborating to build an open platform that helps unlock the transformative potential of digital assets [cryptocurrencies like bitcoin] across GLOBAL markets and commerce. As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval.”
According to the report, Bakkt is a global platform and ecosystem for digital assets. Bakkt will be a platform for the conversion of digital assets like Bitcoin into fiat currencies like the USD, EUR and JPY.
The spokesperson of Starbucks explained that the Bakkt platform will see trading and conversion of cryptocurrencies into fiat “as Bitcoin is today the most liquid digital currency”. He said:
“At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.”
In its Friday press release, Starbucks stated that it will back regulated consumer applications to help swap their cryptocurrencies into fiat which can further be used at its retail outlets.
Starbucks to support cryptos
Despite playing down the possibility of accepting Bitcoin or other cryptocurrencies at its retail outlets, Starbucks has stressed that it would play a “pivotal role” in achieving crypto adoption.
Continue to the full article --> here
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Dec 5, 2023 In the business landscape, achieving operational efficiency while ensuring cost-effectiveness is a delicate balance to maintain. This is especially true in the realm of fleet management where an array of variables can significantly impact overall operational performance. One strategy that has risen to prominence is the art of vehicle upfitting, a practice entailing the modification of commercial vehicles to meet the specific needs of a business. By tailoring each vehicle to the precise requirements of the job, businesses are not merely ensuring a smooth operation but are embarking on a journey toward enhanced productivity, safety, and economic viability. This article delves into the myriad ways in which upfitting plays a pivotal role in refining fleet management strategies, thereby contributing to the broader business objectives. How Upfitting Enhances Modern Commercial Fleet Operations The realm of commercial fleet operations is continuously evolving, with upfitting standing at the forefront of this transformation. Through a meticulous process of customization, upfitting tailors vehicles to meet the precise needs of a business, paving the way for enhanced operational efficiency. This isn't merely about meeting the immediate functional requirements; it's about envisaging a fleet operation that is sustainable, safe, and economically sound over the ...
Dec 4, 2023 EY's 2024 Strategic Guidance for Financial Firms Focusing on Compliance, Digital Transformation, and Operational Resilience EY has published it's annual 2024 Global financial services regulatory outlook report highlighting the challenges and unprecedented opportunities for firms ready to adapt and excel in this dynamic environment. As we approach 2024, markets are increasingly shaped by complex regulations, digital innovation, and a heightened focus on sustainability and consumer protection. Report Overview Stay abreast of prudential developments, resolution, and recovery processes. Given the dynamic market conditions, it's crucial to be well-prepared for regulatory changes and heightened supervisory focus. Take a holistic approach to address a range of critical areas including consumer impact, environmental, social, and governance (ESG) factors, digital assets, the digitalization of finance, artificial intelligence (AI) integration, financial crime, and operational resilience. This comprehensive approach is key to staying competitive and compliant. See: OSC/EY Report: AI in Fintech Use Cases Proactively develop a strategy for ongoing engagement with regulatory bodies, especially regarding new prudential developments. Understanding and anticipating regulatory shifts can position your firm for more effective compliance and strategic planning. Strengthen your firm’s capabilities in crisis management, ensuring that capital and liquidity standards are met. This will not only ...
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