Popular American fast food chain Shake Shack (NYSE: SHAK) reportedly offers BTC rewards for purchases made through Block Inc.’s Cash app.
Shake Shack “started as a hot dog cart inside Madison Square Park in 2001, and its popularity has grown steadily.” In 2004, he “moved to a stand in the park, expanding his New York-style hot dog menu to another with burgers, hot dogs, fries, and his namesake milkshakes.” The company filed for an IPO in late 2014, and shares of the company debuted on the market on January 29, 2015.
Block (NYSE: SQ), which was until December 1, 2021 known as Square, was founded in February 2009, i.e. it is 13 years old, just like Bitcoin (BTC). The three co-founders are Jack Dorsey (who is also the company’s chairman and CEO), Jim McKelvey and Tristan O’Tierney. The name change happened because The Square name had “become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, enterprise software and banking services for sellers. , and this change allows the Seller business to own the Square brand it used to be. built for.
Four years after the launch of Venmo, PayPal’s peer-to-peer (P2P) mobile payment solution, Square launched a competitor called “Square Cash”, a beautiful application that was simple and fun to use, which was renamed “Cash “. App” later.
cash app, which is one of Square’s most popular products, allows a user to request money and transfer money to another user. Users can withdraw the money via a Visa debit card called “Cash Card” or by transferring it to a bank account.
Cash App began supporting the buying and selling of Bitcoin (BTC) in mid-November 2017 in a very limited rollout; the feature was officially launched at the end of January 2018.
Yesterday (March 3), The Wall Street Journal (WSJ) reported that Shake Shack customers “would receive 15% of their purchase in the form of bitcoin on any Shake Shack purchase made with Cash Card, a debit card available to Cash App users, and purchasing items through Cash Boost, a program of rewards available to Cash Card Members.
The WSJ report went on to say that “users can search for the promotion in Cash App, under the Cash Boost program and the Cash Card tab, through mid-March.”
The report also mentions that Shake Shack is “testing if it can reach younger consumers on Cash App” and “if customers are interested in more cryptocurrency options.” Apparently, Shake Shack hopes this experience will help it determine whether it should start accepting cryptocurrency as a method of payment or if it should later offer an expanded bitcoin rewards program.
Jay Livingston, Marketing Director of Shake Shack, told the WSJ:
“You always try to place your bets on the things that will really make sense and not waste resources on the ones that won’t.“
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.