By
Chimamanda U. Martha
April 25th, 2024
Landry’s has revealed plans to hold a part of its treasury reserves in Bitcoin, as it further embraces BTC.
Multi-brand restaurant Landry’s is launching a Bitcoin loyalty rewards program to patrons of its subsidiaries. In partnership with NYDIG, which will facilitate the program, the restaurant will begin the new initiative before Thanksgiving. The reward program is available to patrons of Bubba Gump Shrimp, Morton’s The Steakhouse, and the Rainforest Cafe. This means that every time a customer spends their money in any of these restaurants, they earn BTC.
Landry’s Offers Bitcoin Loyalty Rewards Program
According to Landry’s, the over 3 million members of its loyalty program- Landry’s Select Club – will have access to the new Bitcoin reward program. Any member who dines at any specified restaurants in the 500 locations nationwide will earn a point for every $1 spent. By the time they reach 250 points, they will be rewarded $15 worth of Bitcoin.
The chief innovation officer at NYDIG, Patrick Sells, commented on the new Bitcoin program by Landry’s. He noted that many Americans do not own Bitcoin yet because some are not comfortable with using crypto exchanges. Sells added that some Americans are not even comfortable creating accounts on crypto exchange platforms, while many are not confident in investing their funds in BTC. The chief innovation officer also said that the partnership is a major milestone in bringing Bitcoin closer to the people. He said that the partnership would allow people to access Bitcoin and benefit from the top crypto asset.
Referring to how diners can simply earn Bitcoin through the Landry’s reward program, the NYDIG executive added:
“And now they’re able to just say, ‘Hey, let me get exposure by dining at a restaurant that I love, or trying a restaurant maybe I haven’t been to’”
A statement by the director of digital-asset strategy at Landry’s, Trey Zeluff, complemented Sell’s comment on Americans’ comfortability. Zeluff said the loyalty program is designed in a way to help consumers “gain comfort with the volatility.”
He continued by saying that Laundry’ ’s reward program is a “wonderful way to play without putting anything at risk.”
Landry’s Plans to Include BTC in Treasury Reserve
Furthermore, Landry’s has revealed plans to hold a part of its treasury reserves in Bitcoin, as it further embraces BTC. The Landry’s- NYDIG partnership is an extension of the pre-existing relationship between the crypto custody firm and Landry’s CEO, Tilma Fertitta. Fertitta also owns the NBA team, Houston Rockets. In April, the NBA team announced that it has begun accepting Bitcoin among other cryptos at its official online store.
At the same time, Fertitta’s luxury dealership has also been selling to buyers using Bitcoin. The CEO said the business had sold 17 vehicles, accepting Bitcoin since 2018. Additionally, the businessman offers Bitcoin-backed loans to customers who do not want to liquidate their crypto stake to buy a car.