Renowned American fast-food chain Chipotle recently embraced cryptocurrency payments in the country through Flexa, a commonly used digital payments platform.
Customers can use Flexa to pay for burritos and other Tex-Mex favourites at any Chipotle location in the United States. Bitcoin (BTC), Ether (ETH), and Solana‘s SOL are among the 98 digital currencies supported by the Flexa platform.
The network is also carbon negative, as it balances the emissions created by its blockchain and operational activities with verifiable carbon offsets. Nordstrom, GameStop, Lowe’s, and Petco are among the stores in the US that accept Flexa payments.
To use Flexa for in-store digital transactions, customers can log on to any Flexa-enabled wallet app on their phones, such as Gemini or SPEDN, and choose Chipotle out of the given options.
The announcement by Flexa welcoming Chipotle on board read, “All of us here at Flexa are incredibly excited to be working alongside the Chipotle team to help further digital payments innovation and make real, healthy food even easier to enjoy. We’re looking forward to continuing to enable more payment options together very soon.”
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Many Fast Food Companies are Moving Towards Cryptocurrencies
This is not the first time that the popular American fast-and-casual is demonstrating a shift toward digital currency.
To commemorate National Burrito Day last year, Chipotle committed to giving away $100,000 in free burritos and $100,000 in bitcoin. The chain also established its own in-game currency, Burrito Bucks, on Roblox (RBLX) earlier this year. This coincided with the release of its Burrito Builder game on the same platform. At select Chipotle restaurants, players could swap Burrito Bucks for a free entrée ticket.
With its latest move, Chipotle has also joined the ranks of Starbucks and Subway – chains that also accept cryptocurrency as a payment alternative now. Shake Shack (SHAK) stated in March that consumers who made transactions with Block’s (SQ) Cash App debit card, Cash Card, would earn 15% of their purchases back in bitcoin. Quiznos collaborated with Bakkt App over a year ago to establish a trial programme accepting bitcoin payments at select Quiznos locations in Denver.
Chipotle is offering a 10% discount to customers who make their next purchase using any digital currency in a Flexa-enabled app to incentivize its new payment alternatives. In recent years, several businesses and stores such as Nordstrom have also started accepting cryptocurrency payments, boosting the industry’s breadth and depth.
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Would Crypto be Accepted by More Businesses in the Future?
Chipotle itself is one of America’s largest restaurant chains, and certainly one of the most prominent to have started accepting crypto payments. All 2,979 Chipotle establishments in the United States are participating in the project. In addition, to mark the launch of the new service, the company will give customers a 10% discount on their next cryptocurrency transaction.
The move is set to spark much-needed positive sentiment in the industry and also influence the markets substantially. Besides, Chipotle enjoys a massive presence in countries like Canada, the UK, Germany and France, and chances are its acceptance of cryptocurrency payments could see a global boost.
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The unregulated crypto market is known to heavily rely on both positive and negative news, as was evident with the participation and withdrawal of Tesla from the crypto market a few months back. The recent ripples created by Chipotle’s active acknowledgement is sure to play a distinctive role.
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