The meteoric rise of Bitcoin (BTC) and altcoins is prompting businesses to reassess ways in which they can leverage the crypto sector. Landry-NYDIG’s partnership, for one, will focus on powering a Bitcoin loyalty rewards program at the restaurant giant’s 500 locations across the country.
The CNBC report reveals the initiative will be available to the over three million members of Landry’s loyalty program, a.k.a Landry’s Select Club.
The Forest Gump-inspired’ Bubba Gump Shrimp,’ steak restaurants chain ‘Morton’s The Steakhouse,’ and the jungle-themed restaurant chain ‘Rainforest Cafe’ will now allow its patrons to earn Bitcoin every time they purchase a steak or a beer.
Under the agreement, the diners of these three restaurants, whose parent organization is Landry’s, now have the option to earn a point for every dollar spent. As such, 250 points translate to a reward of $25 worth of the largest cryptocurrency.
Patrick Sells, who happens to be the Chief Innovation Officer at NYDIG, stated that the latest move will allow those Americans to get exposure to crypto who don’t own Bitcoin yet because they are not comfortable enough to trade it. The program is expected to go live before Thanksgiving this year.
While the partnership aims to achieve something very simple for the clients – “let customers gain comfort with Bitcoin’s volatility by seeing their points rise and fall in purchasing power,” Landry’s has more plans. For instance, the company is also making a personal bet on the cryptocurrency.
It also has aims to hold a portion of its treasury reserves in BTC via NYDIG. So far, the multi-national restaurant giant has not disclosed how much it plans to invest.
The company’s bullish stance on Bitcoin isn’t new. In fact, Tilman Fertitta, the American billionaire and owner of Landry’s had earlier expressed his thoughts on the rapid mainstreaming of cryptocurrencies and called it.
“inevitable.” Back then, Fertitta had revealed his plans that most of his restaurant chain’s brands would accept Bitcoin as payment.
Just a few weeks ago, Post Oak Motor Cars (POMC), the luxury auto dealership owned by Fertitta, had announced a partnership with NYDIG to integrate Bitcoin into its business operations. The deal in question enabled POMC the ability to sell luxury vehicles via Bitcoin-backed loans.