Bitcoin Burritos: Chipotle Partners With Flexa

While Chipotle Mexican Grill, Inc. CMG shares are up on Thursday morning, they were quiet during Wednesday’s after-hours trading session after it was announced the international fast-casual Mexican restaurant would begin to accept Bitcoin BTC/USD as a form of payment.

What happened: Chipotle foreshadowed its involvement with crypto on National Burrito Day, when the restaurant worked with Coil to create the promotional "Burritos or Bitcoin" interactive game, in which hungry participants had multiple chances to win either a burrito or a sum of Bitcoin by breaking a six-digit digital wallet code.

On Wednesday, digital payments platform Flexa took to blogging platform Medium to announce it would partner with Chipotle to accept Bitcoin as a form of payment.

“Now you can spend your bitcoin and other digital currencies from any Flexa-enabled app for burritos, bowls, and more at any Chipotle restaurant in the United States — making Chipotle the latest merchant to accept digital currency payments with Flexa,” the company noted on Medium.

Why it matters: Chipotle now joins a growing number of eateries that have joined with Flexa to accept cryptocurrency. While Starbuck Corporation SBUX is the largest company to use Flexa to accept Bitcoin, Chipotle is now the second-largest corporation to use the platform to experiment with cryptocurrency payments.

This could attract competitors to the space, increasing the utility and functionality of multiple cryptos, something crypto-fans have been pining for.

For customers to participate in this new form of payment, they must download the SPEDN or Gemini app, load funds and order from their nearest Chipotle.

CMG Price Action: Chipotle shares are up 0.45% at $1,388.10 Thursday morning.

Photo: Courtesy Chipotle

Posted In: Coildigital currencyFast FoodFlexaGeminimexican foodNational Burrito DaySpednFintechNewsRestaurantsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.