Starbucks’ Web3 strategy, and why it could be huge ☕️; Drama 3.0: WTF is happening between Binance & WazirX? 😬; BNPL & Cash App offsets Block’s beating from Bitcoin 📈

Good Morning FinTech, 8 August

Good day Everyone,

Happy Monday & welcome to the new week! There’s no better way to start a new week than with three fascinating FinTech stories that are changing the world as we know it. Today we’re going to look at Starbucks’ Web3 strategy, and why it could be huge (it’s not about pumpkin spice latte as an NFT - it’s about extending customer loyalty!) ☕️, the drama 3.0, or WTF is happening between Binance & WazirX? (the crypto industry needs more transparency & trust) 😬, and BNPL & Cash App that have offset Block’s beating from Bitcoin (& yet another reminder of why ecosystems matter in FinTech) 📈. Let’s jump straight into the fascinating stuff:

Starbucks’ Web3 strategy, and why it could be huge ☕️

The teaser ☕️ Global coffee powerhouse Starbucks SBUX 0.00%↑ is preparing to go deep into the world of Web 3.0 as it’s about to launch a new Web3 rewards program to attract and retain customers, according to its interim CEO Howard Schultz.

This new digital Web 3-enabled initiative will allow us to build on the current Starbucks Rewards engagement model with its powerful spend-to-earn Stars approach while also introducing new methods of emotionally engaging customers,- Schultz during the firm’s fiscal Q3 earnings call.

More on this 👉 We must remember that Starbucks initially announced plans to jump on the nonfungible token (NFT) bandwagon back in April. Although he didn’t provide a lot of details, then Schultz noted that sometime before the end of the calendar year, we are going to be in the NFT business. Now we have more details on what it’s going to be about.

The coffee giant is reportedly looking at integrating its digital Starbucks Rewards ecosystem with Starbucks-branded digital collectibles as both a rewards and a community-building element. The aim of this is to create an entirely new set of digital network effects that will attract new customers and be accretive to existing customers in Starbucks’ core retail stores.

At the core, the Web3 move is part of the company’s wider push to attract and retain the younger side of Starbucks’ customer base.

This is huge news, and it could help onboard millions of people into the world of Web3. Here’s the takeaway: