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Coinbase Partners with D.C. Cafe Chain Compass Coffee

Cryptocurrency just became a little more functional thanks to a partnership between cryptocurrency exchange Coinbase and Washington, D.C. coffee shop chain Compass Coffee.

Coinbase

This could be an example of just how cryptocurrency and mainstream retailers could work together in the future. The café chain operates 16 stores in Washington, D.C. and is now allowing its customers to pay for their coffee with the stablecoin Tether (USDC).

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That token is tied to the US dollar and retains its value very close to the $1 mark, unlike most other cryptocurrencies that vary constantly in value. This partnership makes Compass Coffee the first café in the area to allow payments with Tether coins.

To promote the new venture, anyone who uses Tether to buy products from the Half Street location on Wednesday will receive a steep 90% discount. They also get an NFT (non-fungible token), which can then be redeemed for a coffee tin that has the Compass Coffee and Coinbase logos printed on it.

What Could This Mean for Cryptocurrency Going Mainstream?

This test case could pave the way for more similar enterprises in the future. These kinds of partnerships will likely happen on a very limited basis, between specific crypto exchanges and companies. What is holding back a widespread use of cryptocurrency in everyday transactions is the volatility of crypto coins as well as its limited function as a form of payment.

If this partnership goes well, it will help to improve public sentiment toward cryptocurrency and legitimize it slightly as well. At this point, we are seeing small steps toward fuller crypto functionality, but we are still a long way from it being as ubiquitous a form of payment as a credit or debit card. Many would argue that the volatile nature of Bitcoin and other tokens makes it about as practical as paying for your groceries with a barrel of gas or a stock share.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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