Hooters Boosted by Backing Bitcoin and Blockchain
The New Year has started with a bang for cryptocurrencies as most of them are posting gains again on day three of 2018 during the Asian trading session. Bitcoin itself has had a shaky start but crypto fervor is still strong as a number of companies are getting onboard the blockchain train.
In an effort to boost stocks Hooters Restaurants’ investor Chanticleer has announced plans to offer customers virtual currency in return for eating at their restaurants according to a report by Fortune.
Bouncing Bits and Blockchains
Small cap stock companies can see significant gains by announcing links to Bitcoin and blockchain technology. The results from this announcement were pretty instant as investors deemed Chanticleer 50% more valuable following it. The current market value of the franchiser stands at $12 million and stock has jumped from $2.5 to over $3.75 in less than a week according to NASDAQ.
The company intends to use Mobivity Holding’s blockchain system to create a cryptocurrency based loyalty program for Hooters diners.
CEO of marketing platform Mobivity, Dennis Becke, said;
Eating a burger is now a way to mine for cryptocoins! Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the consumer that can be used for future meals or traded with other consumers.
— Crypto Tips (@bitcryptips) January 3, 2018
The new coin called Merit will be at any of Chanticleer’s brands which include a number of burger joints. According to CEO, Michael D. Pruitt;
We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways.
This is not the first company to leverage the power of blockchain and jump on the Bitcoin bandwagon. Several others, including a biotech firm that changed its name to Riot Blockchain, Long Island Iced Tea which changed its name to Long Blockchain, and Hong Kong-based UBI Blockchain have all seen stocks surge as a direct result of their newfound allegiance with crypto tech.
The hype is set to continue throughout 2018 while the total cryptocurrency market capacity continues to head skywards.
Would you pick a restaurant specifically for crypto opportunities? Add your thoughts below.
Images courtesy of Flickr/fossilmike