TL;DR Breakdown:
- Fast food restaurant chain Shake Shack begins a Bitcoin rewards program
- Customers will get a 15% cash back reward in Bitcoin
- Crypto continues gaining mainstream traction
Bitcoin to be used as an experiment at Shake Shack
Businesses are constantly looking for new ways to incentivize customers with Bitcoin and other cryptocurrencies. Shake Shack, a US-based fast-casual food restaurant, is partnering with Block’s Cash App to reward its customers with Bitcoin.
Per a recent report from the Wall Street Journal, restaurant customers will receive Bitcoin rewards worth 15% after every successful purchase via Cash App card. In addition, customers who make purchases via Cash Boost, a rewards program for Cash Card users, are eligible for the Bitcoin reward. The promo will last till the middle of March.
Executives of the restaurant chain have stated that the rewards program is experimental. Jay Livingston, Chief Marketing Officer of Shake Shack, said that the program will help to gauge demand for more payment options with crypto.
“If we just started taking crypto right now at our kiosk, it would have very low adoption. But through someone like Cash App, who’s been promoting it, you will get some more people that want it, and that also want to learn” Livingston said.
The restaurant which serves burgers, fries, hot dogs, frozen custard, and shakes is also looking to attract younger customers. The decision to partner with Cash App is aimed at leveraging the platform’s user base, which is mostly the millennial and Gen Z demographic.
The giant restaurant chain is a highly successful business. It has over 250 locations in the US and over 150 internationally. From its financial report, the company earned a total revenue of $739.9 million in 2021, up 41.5% from 2020.
Crypto adoption sweeping through mainstream institutions
Shake Shack is the latest fast-food chain to venture into experimenting with crypto. Others, including Burger King and McDonald’s, have made similar moves.
Last November, Burger King partnered with Robinhood to give away Bitcoin, Ethereum, and Dogecoin to their Royalty Program members. Similarly, McDonald’s airdropped NFTs to their customers.
Outside the fast-food industry, crypto adoption has been racing on as well. From key banking industry players to whole countries adopting crypto. The Swiss Town of Lugano became the latest government to accept Bitcoin (BTC) and Tether (USDT) as legal currency.
