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Chipotle adopts crypto payment option

Chipotle
TL;DR Breakdown
  • Chipotle set to accept crypto for payments
  • The restaurant will accept 98 digital assets
  • More restaurants are entering the space

Chipotle will now allow customers who intend to pay for their food with digital assets can do so across the company’s chain of restaurants. According to the update by several reporters, customers who intend to use this service can get it across all its 2,950 branches in the US. The news has also mentioned that it had employed Flexa, a company that helps with payment services to oversee all payments using digital assets.

Chipotle will accept about 98 digital assets

The payment company took to Twitter to announce the update yesterday, confirming that traders can now leverage its services to purchase food at the restaurant. Flexa currently supports about 98 digital assets across its platform, and customers can use any one of the assets for payments. However, as of this moment, Chipotle does not have an official announcement that confirms the update.

Chipotle has now grown in ranks to become one of the biggest companies pushing into the crypto scene through its team up with Flexa. Others already enjoying the benefits includes Regal Theaters and one of the biggest banks in El Salvador, Bancoagricola. Chipotle has previous dipped its hands in crypto over the last few years. This is evidenced by the last Burrito day where it did a giveaway of $10,000 worth of digital assets.

More restaurants are entering the crypto space

During the Burrito day celebration, Chipotle tasked users with getting a combination code right. Should the users succeed under the time frame, they would be open to winning either $25,000 or a free Burrito. The game was conducted via a partnership with famous Ripple engineer, Stefan Thomas. The Ripple executive is renowned for having forgotten the password to a safe that contains more than 7,000 Bitcoin. Presently, the Bitcoin in the safe, which has still not been opened at this time will be worth more than $208 million. Besides Chipotle, other restaurants have also begun to push into the crypto sector. One such was the Burger King crypto giveaway in conjunction with Robinhood.

The giveaway saw customers win various amounts in Bitcoin and other digital assets. Mcdonald’s, a company that used to be against the crypto sector has recently announced plans to set up a virtual restaurant in the Metaverse where users will be able to purchase real and virtual foods. Merchants have reiterated their resolve to extend their services as more users continue to troop into the market. Although a recent survey puts the number of companies accepting crypto at 4%, the figure could drive up to around 60% in the future.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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