Traders, businesses, and fashion houses have decided to bet on crypto and innovation. Chipotle is the latest merchant to join this train as it now accepts crypto payments.
Chipotle now accepts crypto with help from Flexa
A leading restaurant chain known for its Mexican cuisine, Chipotle Mexican Grill (CMG), is now accepting crypto payments for meals. Digital payment network Flexa revealed this in a blog post on Wednesday.
Flexa revealed that the partnership means customers can now buy some of their favorite Mexican dishes using a wide variety of crypto assets supported by Flexa, which currently has 98, including Bitcoin, Ether and Dogecoin. Additionally, the crypto payment option will be available at all 2,975 Chipotle retail locations in the United States.
All customers need to access this service is to have a crypto wallet app that supports Flexa. Currently it is only supported by Gemini and SPEDN. Then, to pay, customers must open their favorite app, tap Chipotle, and scan to pay for their meal in seconds.
Additionally, Flexa, to celebrate the new partnership, is offering customers a 10% discount on their first purchase at Chipotle using crypto. Notably, the discount is capped at $10.
Meanwhile, this isn’t Chipotle’s first foray into cryptocurrency and blockchain technology. In 2021, the restaurant chain gave away $100,000 in Bitcoin to celebrate National Burrito Day, and this year it created a currency called Burrito Bucks on Roblox, which players can use on its Burrito Builder game.
Could the trend towards adoption of crypto payments drive up crypto prices?
Over the past couple of years, businesses across different industries have opened their doors to accept crypto as payment. For example, in the food industry, we’ve seen names like Quiznos, Subway, Starbucks and now Chipotle offer the option to customers.
Another industry showing increasing adoption is the fashion industry. Various luxury brands are opening their doors to crypto payments – the most recent fashion house to do so is Balenciaga, as reported ZyCryptoName in May.
As more retailers and brands begin to accept crypto for payments, many believe this will drive adoption of the asset class, which, in turn, will increase their value. Notably, billionaire Tim Draper thinks that will be the case, especially with more women buying things in Bitcoin.