• Shake Shack is teaming up with Cash App to offer Bitcoin rewards

  • Shake Shack (NYSE: SHAK), a popular American fast food restaurant chain, is apparently offering BTC rewards for purchases made using Block Inc.’s Cash App.

    “In 2001, Shake Shack began as a hot dog vendor inside Madison Square Park, and its popularity rapidly expanded.” It “moved to a park stand in 2004, extending its menu from New York–style hotdogs to one with hamburgers, hotdogs, fries, and its trademark milkshakes.” The company filed for an IPO in late 2014, and its shares debuted on the market on January 29, 2015.

    Block (NYSE: SQ), formerly known as Square until December 1, 2021, was formed in February 2009, making it 13 years old, just like Bitcoin (BTC). Jack Dorsey (also the company’s Chairman and CEO), Jim McKelvey, and Tristan O’Tierney are the three co-founders. The name was changed because “the Square brand has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.”

    Four years after PayPal’s peer-to-peer (P2P) mobile payment solution, Venmo, Square developed a competitor dubbed “Square Cash,” a beautiful, easy, and fun-to-use app that was later renamed “Cash App.”

    One of Square’s most popular products, Cash App, allows a user to request money from and send money to another user. Users can withdraw funds using a debit Visa card known as a “Cash Card” or by depositing funds to a bank account.

    Cash App began allowing Bitcoin (BTC) buying and selling in mid-November 2017 with a very limited deployment; the service was officially launched in late January 2018.

    Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.

    We also made this! https://t.co/z3u0liDNk4— jack⚡️ (@jack) January 31, 2018

    Customers will “get 15% of their purchase back in the form of bitcoin on every Shake Shack transaction made using Cash Card, a debit card available to Cash App users, and by buying things via Cash Boost, a rewards program open to Cash Card members,” Shake Shack announced yesterday (March 3).

    “Until mid-March, consumers can look for the deal in Cash App, under the Cash Boost program and Cash Card page.”

    Shake Shack is also “testing whether it can attract younger consumers on Cash App” and “whether customers are eager in other cryptocurrency options,” according to the article. Shake Shack appears to be hoping that this experiment will help it determine if it should begin taking cryptocurrencies as a means of payment or whether it should eventually offer an expanded Bitcoin rewards program.

    Shake Shack’s Chief Marketing Officer, Jay Livingston, stated:

    “You’re always trying to make your bets on things that will actually be relevant and not squander resources on things that won’t.”

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