Key takeaways:
- Burger King partners with Robinhood to gain a sustainable competitive advantage by utilising cryptocurrency through its national loyalty program.
- Customers who spend more than $5 in-store, on the app, or the website can compete to win 20 bitcoins, 200 Ethereum, or 2 million DOGE.
Burger King, the prominent fast-food chain, has moved to introduce cryptocurrency into its customer loyalty programme, BK Royal Perks. On Monday, November 1, the fast-food company announced a collaboration with its brokerage platform, Robinhood, to distribute cryptocurrency as a reward to its consumers. Burger King is working hard to expand its rewards system schemes and engage with consumers increasingly turning to digital ordering.
The vast majority of users will obtain DOGE. One in every 10,000 people will earn an ether, and one in every 100,000 will receive a whole bitcoin.
Beginning today, participants of the BK Royal Perks loyalty programme in the United States will be eligible for a crypto prize consisting of one token chosen from a pool of 20 Bitcoin (BTC), 200 Ether (ETH), and 2 million Dogecoin (DOGE). However, to collect the benefits, users must spend a minimum of $5 in-store or via the Burger King mobile application.
Users must have a Robinhood crypto account to get the reward after receiving an email with a code verifying it. Robinhood is a popular app for crypto trading in the United States since it charges no commissions. Vikram Grover, Robinhood’s head of partnerships, comments on the development:
“Cryptocurrencies have become an important part of the financial world over the last decade. However, many Americans interested in this asset class don’t know how to start their journey or feel that the system isn’t built for them. [This promotion will be] reaching a new – and existing – audience for us, and we hope to help people start their crypto journey and take their first bite into crypto.”
Due to decreased trading activity in recent months, which resulted in considerably fewer new funded accounts, Robinhood’s revenue declined by 78% during the third quarter. However, the Nasdaq-listed trading platform may be aiming to capitalise on the momentum of crypto’s recent bull run and resume recruiting new clients as incentives like these encourage reward recipients to register accounts.
Burger King was the latest of the burger business to launch a national loyalty programme, though it wasn’t long after MyMcDonald’s Rewards, which launched in July.
Also, read
