Key Takeaways:
- Landry’s to reward members with bitcoin and announced a collaboration with cryptocurrency business NYDIG.
- Landry’s will also hold a portion of its corporate treasury reserves in Bitcoin, which NYDIG will manage.
- Landry’s Select Club members will be able to earn bitcoin points when dining at any of the company’s 500 locations nationally.
Landry’s has announced a partnership with NYDIG. A prominent bitcoin firm provides a bitcoin loyalty rewards program for Landry’s millions of customers. Bitcoin loyalty reward program is in the Landry’s Select Club loyalty program. Landry’s Select Club members will be able to earn bitcoin points when dining at any of the company’s 500 locations nationally. In addition, it has the bonus of improved buying power for their points due to bitcoin appreciation over time. NYDIG’s safe, regulated, full-stack platform will power the offering.
The Landry’s Select Club program currently gives 1 point for every dollar spent, with 250 points equaling a $25 bonus. Customers who sign up for the new bitcoin loyalty program will receive points that track the value of bitcoin. The points may be redeemed in $25 increments based on the current market price of bitcoin. All bitcoin loyalty points are solely redeemable for Landry’s Select Club bonuses and cannot be transferred outside of the club.
Landry will invest in bitcoin using NYDIG’s institutional-grade custody solution to help fund the initiative. It also declared its desire to hold a portion of its treasury reserves in bitcoin through NYDIG, in addition to overseeing the program. Landry’s will also hold a part of its corporate treasury reserves in Bitcoin, which NYDIG will manage.
Landry’s Director of Digital Asset Strategy, Trey Zeluff, stated that “Hospitality is the core of what we do, and offering great new options is an essential component of hospitality. We view bitcoin as a good choice for a portion of our treasury, so we want to offer that choice to our customers as well”.
Landry’s first expressed interest in cryptocurrencies earlier this year when it started taking Bitcoin payments at many of its restaurants in April. “It’s amazing how simple [a crypto] transaction is, and it is here to stay,” the company’s CEO stated at the time. This is where it is, and it was only a matter of time before it happened.” However, CEO Fertita’s interest in cryptocurrencies appears to have migrated to other aspects of his career, with his NBA team garnering recent news in the field.
Patrick Sells, Chief Innovation Officer at NYDIG, said, “We are thrilled to partner again with the Fertitta family to bring our bold vision to life.” He also said, “Fundamentally, this partnership represents a huge milestone towards making Bitcoin more accessible to all and allows for everyone to benefit from this asset class in more ways.”
