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Polygon Labs Paid $4M to Host Starbucks' Failed Foray Into Crypto

Companies usually pay their tech vendors for services rendered. For Starbucks' soon-to-be-defunct foray into crypto on the Polygon network, it was the other way around. Polygon Labs paid $4 million to the coffee giant in 2022 as part of their deal to build and host a blockchain-based loyalty program, Starbucks Odyssey, on the Polygon network, according to two people familiar with the matter. Last week, Starbucks pulled the plug on Odyssey, its 18-month experiment in using collectible non-fungible tokens as the anchor of a loyalty program. The figure speaks to the cost of doing business development in crypto.

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