Starbucks CEO supports Blockchain but not Bitcoin

Although he does not plan to incorporate technology now, he does think Blockchain is a long-term company strategy.

Starbucks president Howard Shultz said the coffee chain plans to incorporate Blockchain technology and digital currencies into its long-term payment technology strategy, and hopes to "expand digital customer relationships."

However, Shultz does not believe that Bitcoin plays a role in this strategy, and said he does not believe that the original cryptocurrency was "a currency today or in the future."

He clarified that Starbucks is not developing a digital currency or announcing an investment in Blockchain or cryptocurrencies, but would like to use his stature to give credibility to these technologies.

Shultz made the declarations in the meeting of quarterly investors of the company, that later were made public by the diginomica means.

According to the media, Shultz said:

I think we're heading into a new era, in which Blockchain technology will provide a significant level of digital currency that will have an application for the consumer. "

Starbucks, he added, is in a unique position to take advantage of the changes.

We believe that we have something to offer to the companies that are pursuing this, because we are in a position to create the legitimate place of trust in which this could be accepted and possibly take advantage of the digital mobile payment platform we have created. "

The platform Shultz refers to is the Starbucks mobile payment application, launched in 2015, which allows customers to pay and place orders in the application, while accruing rewards.

Mobile payments make up almost a third of Starbucks transactions in the US, and as a result, Shultz said the company is considering implementing cashless stores in that country.

Starbucks has a history of embracing cutting-edge payment solutions. He adopted Square as the exclusive processor of all his debit and credit card transactions in the fall of 2012, although the relationship dissolved later.