McDonald's Corp. MCD may be snubbing repeated calls from Dogecoin DOGE/USD community for adoption but it seems another fast-food chain has made a move on the apex cryptocurrency.
What Happened: Shake Shack Inc. SHAK is offering Bitcoin BTC/USD rewards for purchases made at the burger chain using Block Inc.’s SQ Cash App, the Wall Street Journal reported on Thursday, citing the company's finance chief.
The customers will receive 15% of their purchase back in the form of Bitcoin on using Cash's debit card or via Cash Boost, a rewards program, according to the report. The offer is available through mid-March.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: The move is part of Shake Shack’s efforts to lure younger customers and test whether they are interested in more cryptocurrency payment options, Shake Shack CFO Amrita Ahuja told WSJ.
The New York-based company operates 240 outlets in the United States and more than 125 international locations.
Several companies in the past year have embraced cryptocurrencies as a mainstream payment option. Big names like Block, Tesla Inc. TSLA and MicroStrategy Inc. MSTR have even put a portion of their cash reserves into Bitcoin.
Jack Dorsey is a big supporter of Bitcoin. Block, the fintech firm he founded, allows U.S. users to invest in stocks or Bitcoin using the Cash App.
Price Action: Shake Shack closed 2.5% lower in Thursday’s regular trading session at $71.62 and slipped further to $71.00 after the bell.
Bitcoin has lost 5.3% during the past 24 hours, trading at $41,430.47 at press time.
Photo by Series207 on Wikimedia
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