Shoppers at the largest grocery chain in America can start earning Bitcoin for making their normal everyday purchases.
Bitcoin prices have soared to the $16,000 level and some analysts think it could be headed to $20,000.
What Happened: America’s largest grocery chain and second largest general retailer The Kroger Co KR is offering a new program to reward shoppers.
The company partnered with Bitcoin exchange Lolli.
Shoppers will earn up to 1.5% in Bitcoin back on grocery orders for pickup or delivery.
Related Link: 3 Small-Cap Bitcoin Stocks That Could Benefit From Square’s Purchase
Why It’s Important: Lolli is a cryptocurrency startup that has raised $5.4 million to launch a mobile app and expand internationally.
Investors in Lolli include Ashton Kutcher, Ipsy co-founder and beauty entrepreneur Michelle Phan and a unit of Peter Thiel’s Founders Fund.
Kroger could be doing this partnership to gain market share over rivals like Walmart Inc WMT.
The company reported second-quarter adjusted revenue up 14.6% year-over-year to $30.5 billion.
Digital sales increased 127% year-over-year in the second quarter for Kroger.
Benzinga’s Take: Stocks that have expanded their bitcoin offerings include Square Inc SQ and Paypal Holdings PYPL.
Kroger could have a winning partnership here to gain market share from customers who want to invest in Bitcoin and make their everyday purchases.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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