1 year ago
72 Chipotle has joined the list of companies that are accepting cryptocurrency for payment. The popular Mexican fast-food chain has started accepting crypto payments through digital payment provider Flexa. The company stated that the payment option is available at all its 2,950 US-based restaurants.
Chipotle Accepts 98 Cryptocurrencies
According to the announcement, Chipotle is accepting all the 98 crypto assets Flexa presently supports. These include Bitcoin (BTC), Ethereum (ETH), and stablecoins such as USD Coin (USDC). However, Chipotle did not provide any further information about the integration on its website.
Chipotle will not be the first to partner with Flexa to offer a cryptocurrency payment option. El Salvador’s largest financial institution, Bancoagrícola, as well as cinema operator Regal Theaters earlier partnered with the company to allow their customers to pay with crypto assets.
Chipotle has experimented with crypto assets in the past, so this may not come as a surprise for many people. In April last year, when the company celebrated National Burrito Day, it spent $100,000 worth of BTC as a giveaway to promote its brand. At the time, the company argued that it was the first U.S. restaurant brand to offer a giveaway with cryptocurrencies.
For the giveaway, Chipotle teamed up with former Chief Technology Officer of Ripple, Stefan Thomas, and created a game that allows players to guess a code. The successful players are given a reward of either a burrito or up to $25,000 worth of Bitcoin.
More merchants are adopting crypto payment solutions
Other fast-food chains and brands have also shown interest or explored the use of crypto and metaverse applications for their brands. In November 2021, Burger King collaborated with retail trading platform Robinhood to organize giveaways in BTC, ETH, and DOGE with meal purchases.
McDonald’s also filed trademark applications earlier in February to launch “a virtual restaurant featuring actual and virtual goods”. The food chain also plans to operate a virtual restaurant that will feature home delivery.
The market for cryptocurrencies has remained volatile in the US, but this has not stopped companies from the mainstream to adopt digital assets. More merchants are now expressing interest in implementing crypto payment solutions to meet the needs of those who demand such services.
