130 European coffee shops to take crypto

October 18, 2018
Chris Wheal

Paying for a flat white or cappuccino with crypto isn’t possible for most people yet. But Nostrum, a network of Spanish coffee shops, is now taking bitcoin for your regular caffeine fix – according to media reports. 

This morning Cointelegraph reported that start-up Cyclebit is helping retailers act as “cryptocurrency gateways” in an attempt to pump cryptos into the local economy and support small business. 

Coffee and cryptos a good blend?

“Unlike some of the other startups in this space,” Cointelegraph reported, “Cyclebit says it already has access to a working ecosystem provided by Ibox – an omnichannel payment platform that has an annual turnover of $1bn.”

Retailers are given access to customisable apps via Android or iOS which enables payments from crypto wallets. Cyclebit claims the Ibox system has seen 1m transactions processed inside the platform so far. 

The choice of Gen Y – but not for Starbucks yet

“Crypto is the choice for Generation Y, reflecting its values,” says Cyclebit. “Cyclebit seeks to make crypto a part of lifestyle. The future we see is people using crypto in their everyday life.”

Starbucks has pedalled back somewhat on accepting crypto for Frappucinos – for now

The news is significant because coffee shop chains, so far, have been slow to accept cryptos. It has been rumoured that Starbucks would take cryptos but in early August the US coffee giant downplayed the idea. 

“It is important to clarify,” it said in a statement, “that we are not accepting digital assets at Starbucks. Rather the exchange [its joint venture with Intercontinental Exchange, BCG and Microsoft] will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. Customers will not be able to pay for Frappuccinos with bitcoin.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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