With the Bakkt digital asset platform set to launch next month, it has recently been announced that Quiznos will accept payments using Bakkt’s proprietary asset, Bitcoin (BTC). Bakkt was formed through a partnership between Intercontinental Exchange and Microsoft, and the platform will be the first regulated, physically delivered, Bitcoin futures in the U.S. It is designed to simplify existing cash into new digital asset.
Burger chain Quiznos recently announced it will begin accepting Bitcoin at 100 of its 8,000 locations, which will be a good thing for those using cryptocurrency for regular purchases. According to Business Insider, Bakkt, the Bitcoin futures exchange that was founded by the Intercontinental Exchange (ICE), will be collaborating with Quiznos to bring cryptocurrency payments to their stores.
Quiznos, a fast-casual sandwich chain, announced Thursday that it will soon accept bitcoin in select eateries as part of a partnership with crypto merchant service platform Bakkt. “Bitcoin is a high-quality, low-cost payment method for Quiznos to accept, as part of this initiative, we will also accept cash,” said Adam Gee, CEO of Quiznos. “The partnership with Bakkt, which has a proven track record of bringing innovative products to market, and the fact that this is the first in a series of planned initiatives that we are announcing today demonstrates that Quiznos is committed to making all aspects of our business more efficient and profitable.”
Customers will be able to pay for meals at select Quiznos restaurants using Bitcoin thanks to a new partnership between Bakkt and Quiznos (BTC).
According to a public announcement released on Tuesday, customers will be able to pay with BTC at certain Quiznos locations in Colorado’s capital as part of an initial test run. Starting in mid-August, the pilot will be available in select Quiznos stores across the Denver area, including the high-traffic Denver airport site.
Bakkt’s app — a flexible center for storing and spending Bitcoin, as well as managing reward points and other features — will allow users to purchase with Bitcoin. REGO Restaurant Group is the owner of Quiznos. Mark Lohmann, president of REGO, stated in a statement:
“We are interested in partnering with an innovative platform like Bakkt for a variety of reasons, the most important of which is that it enables us to take bitcoin directly at the point of sale as part of a fast and smooth transaction […] We are pleased to provide another another accessible method for consumers to purchase a meal, this time via the Bakkt digital asset wallet, as we continue our digital transformation path and react to mobile and millennial consumer demand for alternative and cryptocurrency payment options.”
A bonus is also included in the test run. Quiznos customers will get $15 in free Bitcoin if they download Bakkt’s app, buy Bitcoin with it, and then spend that Bitcoin at a participating Quiznos location, according to the announcement.
“Through a collaboration with Bakkt, merchants and franchisees may accept bitcoin payments from customers while still enjoying the benefits of a cash-settled experience,” according to the statement. It was unclear if Quiznos would sell the BTC acquired immediately away, according to the statement.
Bakkt was contacted for comment by Cointelegraph, but no answer was received in time for publishing.
A partnership between Bakkt and Quiznos, the two companies have announced the TestNet for Bakkt will be launched this fall. The new launch will be for Quiznos, a sandwich chain known for its “Subs and Sandwiches” menu line. The ICO-approved platform, Bakkt, will allow the chain to accept bitcoin, ethereum, and US dollars for payment.. Read more about bakkt reviews and let us know what you think.