Restaurant giant Landry’s is teaming up with crypto custody firm, NYDIG, to power a bitcoin loyalty rewards program at its 500 locations nationwide. For every dollar spent, diners will earn a point, with 250 points translating to a reward of $25 worth of bitcoin.
According to Trey Zeluff, the Director of Digital Asset Strategy at Landry’s, the program—which will be powered by NYDIG’s secure, and regulated platform—will help customers “gain comfort with the volatility” of bitcoin by watching their points grow and fall in purchasing power. “This is a wonderful way to play without really putting anything at risk,” he remarked.
To support the program, Landry’s will invest in bitcoin through NYDIG’s institutional-grade custody solution. Landry’s also announced that it plans to hold a portion of its treasury reserves in bitcoin through NYDIG, without disclosing how much it plans to invest.
Commenting on the development, Patrick Sells, the Chief Innovation Officer at NYDIG said: ″Many Americans don’t own bitcoin yet, because they haven’t been comfortable going to an exchange and creating an account or they’re not sure about investing their money. And now they’re able to just say, ‘Hey, let me get exposure by dining at a restaurant that I love, or trying a restaurant maybe I haven’t been to.’”
Landry’s restaurants include more than 60 award-winning brands ranging from casual dining at Saltgrass Steak House, Bubba Gump Shrimp Co. and Rainforest Cafe, to the glamorous waterfront locations of Chart House, the unique Aquarium Restaurants and fine dining options such as Morton’s The Steakhouse, Del Frisco’s Double Eagle Steakhouse, and The Oceanaire Seafood Room.
The partnership represents a huge milestone in the improvement of accessibility of the flagship cryptocurrency Bitcoin, which reached a new all-time high of over $68,500 on Monday and is up nearly 350 percent from a year ago.
The partnership also extends an existing relationship between NYDIG and Tilman J. Fertitta, the Chairman and Chief Executive Officer of Landry’s, following the launch of bitcoin-backed loans at his Houston-based luxury automobile dealership, Post Oak Motor Cars.
Landry’s is expected to go live with the new bitcoin program soon. Once launched, it will be available to the 3.2 million members of Landry’s loyalty program— Landry’s Select Club.