A small burger company is rewarding customers with cryptocurrency
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.
- New credit cards based on credit potential, not credit score
- Visa denies role in flawed Coinbase charges
- Gaming pioneer Atari is creating its own blockchain and cryptocurrency
- The U.S. government won’t be regulating cryptocurrencies anytime soon: report
- Visa taps five Philippines banks for B2B blockchain payments