Burger King launches own cryptocurrency in Russia

Fast food giant Burger King has launched its own cryptocurrency, the WhopperCoin, in Russia

Customers will be able to claim one virtual coin for every rouble (1.3p) they spend and once they have accumulated 1,700 WhopperCoins, they will be able to buy the eponymous Whopper.

Burger King will be launching accompanying Apple and Android apps so customers can save, share and trade their WhopperCoins freely.

The fast food chain is partnering with cryptocurrency startup Waves for the scheme, with the tech company running the blockchain to keep abreast of transactions.

Blockchain is a digital ledger of transactions. Instead of everyone keeping their own records, though, it is mutual, with everyone involved sharing the same ledger of transactions. It operates by consensus, so if all parties agree that a transaction is legitimate, it is then added to the chain and cannot be altered after the fact.

Customers will claim their WhopperCoins by scanning their receipts with their smartphones.

The cryptocurrency itself shares technical similarities with Bitcoin but is distinct from it, allowing the company to close it down should there be any issues or abuses.

In a statement, Waves said it had already issued WhopperCoins and had a supply of approximately 1bn, with the capacity for more should it be necessary.

Ivan Shestov, Burger King Russia’s head of external communications, said the move made the Whopper an ‘investment vehicle’.

‘According to the forecasts, cryptocurrency will increase exponentially in value. Eating Whoppers now is a strategy for financial prosperity tomorrow,’ he said.

Calum Fuller |Assistant editor, Accountancy magazine (up to 2018)

Calum Fuller is former assistant editor of Accountancy magazine and Accountancy Daily, published by ...

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