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Highlights
- Chipotle has partnered with Flexa to allow its customers to make payments via virtual currencies.
- Flexa claims that it is trusted at more than 41,336 locations in Canada and the United States.
- Chipotle is not the first restaurant to explore the crypto space.
The United States-based Chipotle Mexican Grill, Inc., has announced that its customers will be able to buy products from its restaurants with cryptocurrencies. On June 1, the American fast-casual restaurant chain said it would accept cryptocurrencies at nearly 3,000 US restaurants.
Also Read: Canada's Newton crypto exchange hacked? Find out more here
Chipotle has partnered with Flexa to allow its customers to make payments via virtual currencies, and it has probably become the largest US restaurant chain to accept crypto. Flexa is a global digital payment network that supports payments through several cryptocurrencies.
Key details of Chipotle crypto scheme
According to reports, customers having a digital wallet that allows integration of Flexa can open the smartphone application and select Chipotle Mexican Grill. After choosing the restaurant, customers can scan a barcode and pay for their meal with one of around 100 virtual currencies.
Flexa is known for its fast transactions, and it can reportedly process a payment in under a second. Later, the digital payment app can settle the payment with Chipotle in either crypto or fiat money.
According to its official website, Flexa claims to offer the fastest and most fraud-proof payments network worldwide. The network is easy to use as it can connect with an existing payment infrastructure.
Flexa claims that it is trusted at more than 41,336 locations in Canada and the United States.
Bottom line
As blockchain technology and cryptocurrencies become mainstream, cryptocurrency payment options are likely to increase in restaurants and other places.
Customers could opt to pay through cryptocurrencies as digital payments networks offer more flexible payment options and are secured by the blockchain.
Chipotle is not the first restaurant to explore the crypto space. Earlier, restaurant chains like KFC and Taco Bell have reportedly filed for brand trademarks for non-fungible tokens (NFTs).
Meanwhile, McDonald's explores the metaverse and aims to set up a location there. It is important to note that the overall crypto market remains extremely volatile despite the rising popularity of cryptocurrencies over the past few years.
Since the past few weeks, the crypto market has been going through turbulent times, and its market capitalization had dipped to US$ 1.2 trillion from US$ 2 trillion.
Also Read: Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?
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