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Restaurant chain Steak ’n Shake says it has reduced its transaction fees by nearly 50% compared to credit card acceptance costs, while at the same time increasing sales by 15%, since it began accepting bitcoin last May. Steak ‘n Shake has nearly 400 locations in the United States.
Steak ‘n Shake is accepting bitcoin through the Lightning Network, a secondary system built on top of cryptocurrency blockchains that enables the acceptance of cryptocurrency on networks outside the blockchain. Steak ‘n Shake has also partnered with Fold, a financial-services platform for cryptocurrency, to offer Bitcoin rewards for purchasing special bitcoin-themed meals with the cryptocurrency.
The promotion enables Steak ‘n Shake customers to earn $5 worth of bitcoin through the Fold app when purchasing bitcoin-themed meals, such as the Bitcoin Burger or Bitcoin Meal. Such promotions have reportedly helped drive repeat visits among crypto users.
In related news, cryptocurrency exchange MEXC is partnering with ether.fi, a decentralized non-custodial liquid staking protocol for the digital currency Ether, to launch a co-branded blockchain and crypto-based credit card. The Visa-branded card will enable cardholders to earn cashback of up to 4%, while retaining full, on-chain custody of their crypto assets.
To promote the card, MEXC is running a program through Feb. 15 that rewards cardholders who refer a new customer. The cardholders get an additional 1% cashback when their referrals use the card.
“Web3 payments are entering a period of rapid growth, with the next billion users coming from retail,” Cecilia Hsueh, chief strategy officer for MEXC, says in a statement. The term “Web3” refers to blockchain-generated coins.
“By seamlessly integrating crypto and fiat, we are empowering users while creating real value for merchants and the broader retail ecosystem,” Hsueh adds. “Bridging payment gateways allows us to connect leading [decentralized-finance] protocols with real-world use cases, delivering convenience and value beyond traditional finance.”
