Coinspeaker
Polygon Labs Reportedly Paid $4M to Sponsor Starbucks Crypto Project
Polygon Labs, the brains behind the creation of the layer 2 scaling solution built on the Ethereum ecosystem, paid $4 million to sponsor Starbucks’s crypto endeavor two years ago. According to a CoinDesk report citing two people familiar with the matter, both companies entered into a strategic partnership to build and host the coffee maker’s loyalty program, Starbuck Odyssey, on Polygon.
A Competitive Hunt
Coinspeaker wrote about the duo’s partnership in 2022. However, Starbucks and Polygon Labs did not disclose the deal’s financial terms of the agreement at the time.
Starbucks announced on March 15, 2024, that it would discontinue the program. The company halted the program to focus on what is to come in the Web3 economy.
Following the discontinuation of the Starbucks Odyssey on Friday last week, two people familiar with the matter disclosed that Polygon had paid millions of dollars
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