Burger King cashes in on crypto-currency boom with WhopperCoin launch in Russia
30 August 2017 |
Burger King has launched WhopperCoin, a new crypto-currency in Russia that will allow people to buy burgers using digital coins instead of real cash.
People buying Whopper burgers at Burger King will get one WhopperCoin for each ruble they spend on burgers.
Once a person amasses 1,700 WhopperCoins, he will be able to buy a new Whopper burger by using those coins instead of real money.
While it seems that Burger King's new offering is a tasty sales pitch, there's a lot in it for burger hoggers in Russia. WhopperCoin is, after all, a digital currency, so if people get tired of eating Whoppers, they could still transfer or trade such coins online for other currencies like Bitcoin.
Considering that the global digital currency market is now valued at $160 billion and rising, Burger King isn't losing the opportunity to use the currency's popularity to draw more people to its stores.
“Now Whopper is not only burger that people in 90 different countries love — it’s an investment tool as well. According to the forecasts, cryptocurrency will increase exponentially in value. Eating Whoppers now is a strategy for financial prosperity tomorrow,” said Ivan Shestov, Head of External Communications at Burger King Russia.
In anticipation of the programme's success, Burger King and its partner Waves have released 1 billion WhopperCoins so far, with a promise to release more coins if required. But in a place like Russia, Burger King will have to be extra careful with how it stores and processes such coins.
Hackers have often used the lure of crypto-currencies and handsome return on investments to con crypto-currency investors across the world. Just last week, someone hacked into finance security start-up Enigma's website and announced the launch of a new crypto-currency and a need for investors.
A large number of investors then transferred Etherium, a popular crypto-currency, into the hacker's account, never to get them back. Enigma did spot the scam and shut down its website, but the damage was already done. As reported by the BBC, the scam dealt a $500,000 blow to the conned investors.
In the recent past, hackers have also been able to steal crypto-currencies by accessing their private keys or exploiting vulnerabilities in the cryptocurrency security chain.
'With more and more coins appearing and alternative uses for the blockchain being discovered it’s going to continue to be a high-profile target for cyber criminals. Not just financial transactions coins like Bitcoin, but also decentralized apps like Ethereum and cloud storage like Siacoin have already been developing in the space,' says Tyler Moffitt, Senior Threat Research Analyst at Webroot.
'I have no doubt these blockchain technologies will be a big part of the future, but it will take some years for the disruption of contemporary tech to take place. During these "teething" years as more users get into the space, we're going to see more phishing targets trying to get users to deposit to wrong addresses and more bugs and mistakes in code being exploited,' he adds.
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