The fast-food chain, Burger King, has just launched new cryptocurrency ‘WhopperCoin’, in Russia.
Customers can claim 1 WhopperCoin for every rouble (0.014) they spend on the famous Whopper sandwich, which costs approx. 256 roubles.
Burger King lovers can also claim a free Whopper sandwich every time they collect 1,700 WhopperCoins, which is every fifth or sixth sandwich.
Additionally, like other cryptocoins, WhopperCoin can be sold and traded online on various exchanges.
How WhopperCoin Works
Burger King partner up with the Ethereum competitor, Waves. The new cryptocurrency is based on blockchain technology and it’s solely owned by Burger King. Meaning, the company could shut the program down if it’s not profitable or engaging enough.
Waves will run the blockchain ledger of WhopperCoin to keep track of who owns the coins and how they’ve been spent. There are already 1 billion WhopperCoins issued.
Customers can claim their coins by scanning the Burger King receipt. The coin is treated like a loyalty scheme, which can eventually turn into a profitable investment.
Ivan Shestov, head of external communications at Burger King Russia, said: “Now Whopper is not the only burger that people in 90 different countries love – it’s an investment tool as well”.
He also added in a statement following the release that “According to the forecasts, cryptocurrency will increase exponentially in value. Eating Whoppers now is a strategy for financial prosperity tomorrow.”
The restaurant chain is going to issue an app for the Whopper tokens. The mobile app will be designed for both iOS and Android.
New Standard for Loyalty Schemes
Loyalty schemes aren’t a new invention, but Burger King is the first major corporate brand to set a new standard of collecting loyalty points.
Traditional loyalty programs, such as air miles, have a limited range of options. Doing it with the use of cryptocurrency can lure more customers and help with the branding.
Collected points could be traded for other national currencies, assets or kept as savings, which is much more compelling to a modern audience.
There is a concern, though that these branded crypto-coins could be used for money laundering or ransomware payments. However, it’s a concern for all cryptocurrencies in general, not just a WhopperCoin.
Burger King has gained an advantage over competitors, not only by creating buzz, but it’s also unlikely McDonald’s or any other fast food chain would accept WhopperCoin.
With Estonia launching its national cryptocurrency ‘Etscoin’, and Bitcoin soaring in price, it’s an exciting time for cryptocurrency investors.
So next time you’re in Russia don’t forget that Burger King has launched new cryptocurrency ‘WhopperCoin’ and get your hands on one of the coolest crypto-coins out there!