In partnership with Robinhood, fast-food giant Burger King plans to reward its customers in the US with cryptocurrency.
Burger King plans to run a campaign for three weeks starting this week. Members of Burger King's Royal perks loyalty program who spend more than $5 on its app will be given one coin from a pool of 20 BTC, 200 ETH and 2 Million dogecoin. The majority of users will receive DOGE as the pool size is large. One in every 10,000 users will receive Ether, and one in every 100,000 will accept a Bitcoin.
Robinhood's plan: With Robinhood's revenue falling by 78% in the third quarter, the company might be hoping to capture new users by promotions like these. The winners will have to open new accounts with Robinhood.
Have you heard of whooper coin? Back in 2017, Burger King Russia had announced a loyalty program using virtual coins called Whoppercoins, hosted on the Waves blockchain platform. The cryptocurrency did not prove successful. While WhopperCoins had traded at prices as high as USD 0.14 in September 2017, by January 2018, the price had fallen to less than USD 0.002. By September 2019, trading volume had declined to zero.
It looks like with growing competition in crypto exchanges and crypto going through a bull run as BTC and ETH hit weekly highs, Robinhood is trying to capture the momentum.