Bakkt Holdings, LLC – a crypto investment platform designed for institutions – has partnered with Quiznos, a popular sandwich shop, to allow customers to pay for food and drink items with crypto.
Bakkt and Quiznos Are Teaming Up to Boost Crypto Purchases
Bitcoin and many of its digital counterparts were initially designed to serve as payment tools. They were built so that users could push fiat, credit cards, and checks to the side, thereby garnering more financial independence and utilizing crypto to make everyday purchases. However, with volatility continuing to prevent bitcoin from doing its job, many retail outlets and stores have rejected the notion of accepting crypto for goods and services, and thus this journey has been rather slow.
Bakkt first emerged in late 2019. The platform was designed to do big things for the crypto space, though at first, it had something of a less-than-stellar debut. The results ultimately caused the bitcoin space to drop heavily within just a matter of hours, with bitcoin falling from the mid-$9,000 range to about $8,100 per unit within no time at all.
While the asset has since recovered, Bakkt has faced heavy competition from many similar digital platforms, and trades and partnerships extending from Bakkt have, in certain instances, been outdone. However, that doesn’t mean the company is down for the count, and it looks like Bakkt is doing all it can to continue its journey to the top of the financial ladder.
Right now, the partnership between both Bakkt and Quiznos is occurring through a pilot phase. In other words, not all Quiznos shops have agreed to accept cryptocurrency for purchases. Just a few have stood in line, and granted the program is successful enough, we may see the remaining locations throughout the United States give a thumbs up to the notion of paying with crypto, though for now, things are still being tested.
A press release announcing the maneuver states the following:
To begin the rollout, select Quiznos locations in the Denver market will pioneer a new and innovative payment method for customers to purchase their next meal with bitcoin using the Bakkt app. Customers who download the Bakkt app, buy bitcoin, and use it to purchase their next Quiznos meal will receive $15 worth of bitcoin as a reward.
Keeping Younger Customers Happy
Mark Lohmann – the president of REGO Restaurant Group, which owns the Quiznos chain – said in an interview that he was excited by the prospects of accepting crypto for purchases given that digital currency transactions appear quite seamless for customers. In addition, he says he has noticed a stronger desire for crypto support amongst millennials and younger shoppers, and he’s confident the restaurant’s appeal will surge in the coming weeks.
Crypto payment options at the selected Quiznos locations – which includes the high-traffic Denver airport restaurant – are set to be available by mid-August.