Fast-food giant Burger King announced on Monday a partnership with Robinhood that will bring crypto rewards for its customers.
The offer will run from today (Nov 1) till Nov 21 in the US. During this period, any Royal Perks member who spends more than $5 on the restaurant’s app will receive one random coin from a reward pool of 20 Bitcoin, 200 Ethereum, or 2 million Dogecoin. Customers can also avail of the offer in-restaurant using “My Code” at the participating outlets.
“Royal Perks” is Burger King’s loyalty program where customers can earn points on each purchase (called crowns) and redeem them for rewards. Anyone can become a member by registering on the official app or the website.
Since the reward pool for the Robinhood crypto partnership contains an overwhelming amount of Dogecoin, the odds are so that most customers will get one DOGE. While only 1 in 10,000 may receive 1 Ethereum, and just 1 in 100,000 will get 1 Bitcoin.
Customers eligible for this offer will receive an email with a code and info on how they can claim the prize. Users will need a Robinhood crypto account in order to redeem the reward.
This isn’t the first time that Burger King has started a crypto-related promo. Earlier in the year, BK Brazil started accepting Dogecoin as payment for its dog-food snack.
Robinhood’s Crypto Transaction Revenue Sharply Declines
In its latest earnings call, the brokerage platform revealed that its crypto transaction revenue for the third quarter sharply fell compared to Q2, as per a Bloomberg report.
Dogecoin made up for 40% of the crypto transaction revenue for Robinhood this quarter, a sizeable drop from the 62% figure noted in the preceding three months.
The firm observed millions of new accounts being signed up in that quarter thanks to the popularity of DOGE. It’s possible that the promotion with Burger King is one of the measures by the platform to revive some of the crypto trading activity and benefit from the digital currency market boom.
At the time of writing, Dogecoin’s price floats around $0.27, up 2% in the last seven days. Over the last thirty days, the crypto has gained 32% in value.
The below chart shows the trend in the price of the coin over the last five days.
DOGE's price showed a sudden rise, but has since declined some in the last few days | Source: DOGEUSD on TradingView
Featured image from Unsplash.com, chart from TradingView.com
Image Reference: https://news.bitcoin.com/