DC Coffee Chain Debuts Crypto Payments with Coinbase Partnership
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A test case for mainstreaming cryptocurrency is coming to a local coffee chain in the nation’s capital, FOX Business has learned.
Compass Coffee, a veteran-owned coffee brand with sixteen stores in the D.C. area, is partnering with the U.S.’s largest crypto exchange, Coinbase, to offer customers the option to pay for their morning brew with USDC, a so-called «stablecoin,» a form of cryptocurrency that works like a digital dollar.
On Wednesday, customers who pay with USDC at Compass’s Half Street location will get 90% off their orders as well as a non-fungible token, a type of digital asset which they can use to redeem a free tin of coffee branded with the Coinbase and Compass logos.
The move is an example of how crypto is slowly making its way to Main Street, with U.S. businesses opening up to the idea of integrating cryptocurrency into their payment options.
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A test case for mainstreaming cryptocurrency is coming to a local coffee chain in the nation’s capital. (Fox Business/Eleanor Terrett)
A major roadblock to the normalizing of digital assets as a form of payment has been their applicability on Main Street. Besides a handful of large companies like Starbucks, Subway and AMC Theaters recently accepting payments in bitcoin and ether, many U.S. businesses do not accept crypto remittances, particularly small mom-and-pop businesses.
But unlike bitcoin and ether, stablecoins, which are typically pegged to a stable asset like the U.S. dollar, do not have the same price volatility and therefore make them more suitable for day to day transactions.
USDC, the stablecoin that Compass Coffee will accept, is
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