A small burger company is rewarding customers with cryptocurrency | finder.com

A small burger company is rewarding customers with cryptocurrency

Peter Terlato 3 January 2018 NEWS

Customers will be able to accrue a unique virtual currency that can be redeemed for meals or traded.

Chanticleer Holdings stock rose 50% on Tuesday, after the company reported plans to implement a blockchain-type platform to power a new cryptocurrency customer rewards program.

Chanticleer’s brands include Little Big Burger, BGR (Burgers Grilled Right), American Burger Co. and a few Hooters restaurants. The company also holds a small stake in Hooters of America, parent company of Hooters.

The loyalty program, powered by the MobivityMind platform, will reward customers using Mobivity Merit, a currency that can be redeemed for meals across all Chanticleer brands, as well as traded with other customers.

Mobivity Merit is the cryptocurrency that will be used in the rewards program. Chanticleer Holdings said it uses the same infrastructure as other virtual currencies, such as bitcoin, Ethereum, Ripple, Litecoin, and more.

“Eating a burger is now a way to mine for cryptocoins,” Mobivity chief executive Dennis Becker said.

“It transforms traditional consumer rewards into something that the consumer can control.”

Mobivity and Chanticleer Holdings aim to launch the new program in mid-2018, and expect it to be fully operational across all Chanticleer brands before the end of the year.

A number of companies have jumped on the crypto bandwagon to leverage an increase in market share and increased capitalization. For example, non-alcoholic beverage company Long Island Iced Tea’s shares grew 183% in late December after the company announced it was changing its name to “Long Blockchain Corp” and prepping investments in blockchain technology. Prior to this, the company had been suffering substantially, losing $11.6 million on sales of $3.9 million in the first nine months of 2017, according to Bloomberg.

Cryptocurrencies have been on a tear lately and although it was a quiet Christmas for Stellar Lumens (XLM), that changed dramatically in the last days of 2017. Stellar Lumens shot into the new year with a price explosion from about $0.20 per coin on December 28 to nearly $0.60 on the morning of Tuesday January 2, 2018.

Interested in learning more? Check out our A-Z list of the most popular altcoins.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest news headlines

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site