FAT Brands, a renowned restaurant franchise traded on the Nasdaq, has expanded its accepted payment options to include cryptocurrency.
The international restaurant franchising corporation announced this development in a press release on April 2, highlighting that it now accepts Bitcoin (BTC) for royalty payments. This initiative is in place for franchise transactions across its more than 2,300 locations globally.
As the parent company of brands like Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, and 14 other restaurant franchises worldwide, FAT Brands began its journey in 2003 with the acquisition of the West Coast burger chain, Fatburger.
This introduction of Bitcoin for royalty payments positions FAT Brands as the pioneering company within the restaurant franchise sector to embrace cryptocurrency amidst a surge in mainstream interest.
“Over the years, Bitcoin has become a staple asset, and as a company, we recognize significant value in diversifying our payment methods for our franchisees, particularly for our international partners, who represent over 20 percent of our portfolio,” stated Thayer Wiederhorn, the chief operating officer of FAT Brands.
FAT Brands aims to leverage Bitcoin to enhance and simplify the payment process throughout its franchise network. The company’s 18 restaurant brands also feature Marble Slab Creamery, Fazoli’s, Great American Cookies, Smokey Bones, and Hot Dog on a Stick.
“We are eager to use Bitcoin as an effective tool to optimize and simplify transactions and are thrilled to be leading this transformation as Bitcoin continues to gain traction,” Wiederhorn further commented.
While FAT Brands is not the first to accept cryptocurrencies like Bitcoin and Ethereum (ETH), this initiative enhances the franchise’s ability to exploit a market rich with opportunities driven by financial and technological advancements.
Some well-known global brands accepting cryptocurrency payments include Travala, Nike, GameStop, and Best Buy.