The three million members registered in the loyalty program of the Landry’s restaurant group, will be rewarded in bitcoin (BTC) each time they enjoy dishes served in the more than 500 locations in the United States affiliated with the corporation. For every $ 250 spent, diners will have collected enough points to redeem for $25 in satoshis (Sats), the smallest unit of the cryptocurrency pioneer.
Landrys announced its partnership with BTC investment firm New York Digital Investment Group (NYDIG). As a result, people can now stack sats when eating out at places located in Texas, Houston, or other US cities.
Landry’s loyalty program awards one point for every dollar spent on food, beverages, or online gift card purchases. However, the power exchanged at BTC expect their customers get “the potential benefit of achieving a better purchasing power based bitcoin appreciation over time” as read in your press release.
A model similar to that applied in El Salvador
The rewards system with sats has been applied in El Salvador since last September 7 when the Bitcoin Law came into force. Since then, the government has granted a bonus of USD 30 to encourage the use of the Chivo Wallet.
The strategy seems to be giving results in the Central American country, where it has been commented that in a short time the Chivo application was used by more than 2 million people.
Salvadorans who received and kept the government bond of USD 30 in bitcoin in September, have seen their savings revalue thanks to the current bullish rally of the cryptocurrency that has raised it to almost double, above USD 42. This appreciation is part of the strategy sought by the promoters of the rewards with BTC in Landry’s.
“This is a great way to play with them without really putting [clients] at risk. With our old point system, their value was static and in the context of inflation they could even lose value,” Trey Zeluff, director responsible for digital asset strategy at Landry’s, told CNBC.
Under this same approach, the city of Miami will soon give its residents a bonus drawn from the performance of their participation in bitcoin, as announced by the mayor of Miami, Francis Suárez.
On the other hand, Landry’s also reported that as part of its agreement with NYDIG, it plans to keep some of its cash reserves in bitcoin, although it did not disclose the amount involved.
As previously reported by Criptoreportage, NYDIG also partnered with the company Post Oak Motor Cars, dedicated to the sale of luxury cars in the United States.
The alliance allows the purchase of Rolls-Royce , Bentley and Karma cars using bitcoin as a means of payment. It is even possible to pay in installments since the option to access financing through a loan in fiat money with a guarantee in bitcoin through NYDIG.
Additionally, earlier this year the bitcoin company also established numerous partnerships with banks, payment platforms, and other financial firms to enable US banking institutions to provide services in BTC.