Burger King, an American multinational fast-food chain, plans to give away cryptocurrencies as prizes to its customers. The fast-food giant is doing this in partnership with Robinhood, a brokerage and financial services platform.
The fast-food giant is launching a rewards program called ‘Royal Perks rewards’, where its customers can enter to win 20 bitcoins, 200 Ethereum or 2 million DOGE if they spend more than $5 in-store, on the app or website.
In order for Burger King customers to cash in on the crypto prizes, they have to join the Royal Perks program and they must also open a Robinhood crypto account.
What you should know
The overwhelming majority of users will receive DOGE. Roughly one in every 10,000 will receive ether and one in every 100,000 will receive a complete bitcoin.
Burger King has been working to quickly scale up its loyalty program schemes in an effort to better connect with its online consumers. Royal Perks, for example, offers the chance to earn 10 crowns for every purchase. Crowns can be redeemed for free food and drinks. Members can also get exclusive limited-time-only products and free daily perks.
During Burger King’s earnings call last week, the company’s CEO, Jose Cil, explained that marketing efforts have offered disappointing returns and that the chain will be placing greater emphasis on the Royal Perks digital program.
Robinhood, which gained its popularity from the GameStop ‘meme’ stock movement, will also get an increased customer base from the promotion as every member of the Burger King Royal Perks Rewards program will be required to open an account with the company.
What they are saying
Robinhood head of partnerships Vikram Grover stated, “Cryptocurrencies have become an important part of the financial world over the last decade. However, many Americans interested in this asset class don’t know how to start their journey or feel that the system isn’t built for them. [This promotion will be] reaching a new – and existing – audience for us, and we hope to help people start their crypto journey and take their first bite into crypto.”
With reduced trading activity in recent months leading to significantly fewer new funded accounts, Robinhood’s revenue fell by 78% during the third quarter. It will be the hope of Robinhood that the partnership will help capture the momentum of crypto’s latest bull run and return to adding new customers as promotions like this spur reward-receivers to open accounts.
HOOD trades $34.97, down 1.41% in the last trading session. The stock is however bullish in pre-market skirmish by 0.60%.
