On Tuesday, Chanticleer Holdings Inc. (NASDAQ: BURG), an owner of burger restaurants, announced that it planned to use MobivityMind, which is a blockchain-architected platform, for customer loyalty and rewards program. Shares of the company rose around 50% to $4 per share on Tuesday after the announcement.
Chanticleer Holding's brands include Little Big Burger, BGR (Burgers Grilled Right), and American Burger Co.
When customers eat at any of the company’s restaurants, they can generate rewards and can use the rewards to trade with other people or for future purchases. The blockchain commerce platform MobivityMind will be used.
“We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways,” Michael Pruitt, the chairman, president and CEO of Chanticleer Holdings, said in a release on Tuesday.
“Eating a burger is now a way to mine for cryptocoins! Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the consumer that can be used for future meals or traded with other consumers. It transforms traditional consumer rewards into something that the consumer can control,” said Dennis Becker, the CEO of Mobivity Holdings Corp.