Burger King Russia Offers “WhopperCoins” For Sandwichesbr>
At least one Burger King outlet in Russia is now offering its own digital tokens – called WhopperCoins – as a rewards method for its Whopper sandwiches. The rollout makes it one of the first brick-and-mortar retailers to offer its own digital currency, although many stores will accept bitcoin and other cryptocurrency payments.
The deal, announced last week, will allow customers to receive WhopperCoins in their own digital wallets by purchasing a Whopper at participating outlets. According to reports, Burger King Russia is handling the details on the promotion, which is apparently only available in Russia. The number of stores in Russia participating was not made public.
The first WhopperCoin has allegedly been issued and will have an initial supply of one billion, but can grow from that base. Customers will receive one WhopperCoin for every rouble spent (1 USD = 59 RUB at current exchange rates). A Whopper can be redeemed for 1,700 WhopperCoins.
Customers will be able to transfer and trade WhopperCoin online, according to the initial statement. However, the app for that process has not yet been released. It will be targeted to the Apple Store and Google Play and will allegedly be available in September. WhopperCoins are apparently not yet traded on any exchange.
Messages to Burger King Russia, Burger King corporate offices, and Waves have not been returned.
Waves is a Russian company that provides an open blockchain platform to those looking to tokenize national currencies. It had an initial coin offering in 2016, raising 4,683 bitcoins (then valued at roughly $2 million) by the end of its first day. It is trading on Coinmarketcap for $5.33 USD as of today.
Sasha Ivanov, the founder of Waves ICO, told the IBTimes upon the ICO, “We are building a blockchain platform which will be used by banks and many payments systems. What we are doing is building an open blockchain for banks, maybe not for big banks, but which payment systems can enter and transfer funds on the blockchain. There is big money in permissioned blockchains; we are trying to counter this by building an open system. There is KYC and AML procedures for sure, but no one can just block the account, for example.”
Ivanov went on to say that banks are attempting to create a closed system with blockchain, thereby privitizing its development. Waves uses proof-of-stake to manage consensus on its blockchain, Ivanov likened it to the performance of Casper, the ethereum PoS governor.
Waves has recently been ramping up its executive team, hiring a chief financial officer and chief communications officer just this month.