Pay for Your Starbucks Coffee With Bitcoins

Since 13 May in the USA, anyone can pay at Starbucks and a range of other companies with bitcoins. All you need is an app. A joint venture by the Winklevoss brothers and crypto-payments service Flexa is behind the move.

If you’d like to pay for coffee at Starbucks USA with bitcoins you will need the mobile wallet app “Spedn”, which is available from the iOS Apple Store. The name derives from the English word “spend” with an intentional letter transposition. It follows the pattern set by “hodl”, which in the crypto-community stands for “hold” and has been in use since someone once accidentally misspelled “hold”.

The bitcoins for the coffee are booked against the customer’s app when payment is made. For this purpose a QR code is generated on the customer’s mobile phone and read by the retailer’s scanner. The retailer receives payment in US dollars, into which the bitcoins are directly converted by Flexa. The actual exchange takes place via the Winklevoss brothers’ crypto-exchange Gemini. In addition to Bitcoin, the system can also process Bitcoin Cash, Ether, Litecoin, Zcash and Gemini dollar (GUSD).

According to Flexa, in addition to Starbucks, companies which officially accept these crypto-currencies include Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Karibukaffee, Crate & Barrel, Express, GameStop, Jamba-Saft, Lowes, Nordstrom, Office Depot & OfficeMax, Petco, Regal Kinos, Ulta Beauty und Amazon Whole Foods Market. “With Flexa, retailers benefit from substantially lower-cost, fraud-resistant transactions,” explained Tyler Winklevoss, CEO of Gemini. “They can continue to use their current payment hardware, and receive payments in fiat currency, not in crypto.

We believe that this will not only lead to long-term cost savings for retailers, but also for consumers. The service offered by Flexa and the Gemini dollar support,” he continued, “represent a further step towards a more efficient, more economical and fairer global financial system. We look forward to what lies ahead. Don’t just HODL, SPEDN!”

Stay up to date

Categories
Disclaimer

This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities of Northern Bitcoin AG and does not constitute a prospectus of Northern Bitcoin AG. The information contained in this press release is not intended to form the basis of any financial, legal, tax or other business decision. Investment or other decisions should not be made solely on the basis of this press release. As with all business and  investment matters, please consult qualified professional advice. This release and the information contained herein are not for distribution, directly or indirectly, in or into Canada, Australia or Japan.

Press Contact
Dr. Hans Joachim Dürr
Head of Corporate Communications
E-Mail: h.duerr@northernbitcoin.com
Phone: +49 69 348 752 89
Investor Relations
Sven Pauly
E-Mail: ir@northernbitcoin.com
Phone: +49 89 125 09 03 31