FAT Brands, an iconic restaurant chain listed on the Nasdaq, has added cryptocurrency to its accepted payment methods.
The global restaurant franchising company announced the move via a press release on April 2, noting that it now officially accepts Bitcoin (BTC) for royalty payments. The company now supports BTC for franchise payments at its more than 2,300 locations worldwide.
FAT is the parent company of Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, and 14 other restaurant franchises across the globe. It launched in 2003 with the acquisition of Fatburger, a West Coast burger chain.
The move to add Bitcoin for royalty payments makes FAT Brands the first company in the restaurant franchise industry to adopt crypto amid growing mainstream interest.
“Over the years, Bitcoin has transformed into a mainstream asset and, as a Company, we see great value in expanding our forms of payments for our franchisees, especially for our international partners, who make up over 20 percent of our portfolio,” Thayer Wiederhorn, chief operating officer of FAT Brands, said in a statement.
FAT Brands plans to use Bitcoin to streamline and simplify the payment process across its franchise network. The company’s 18 restaurant brands also include Marble Slab Creamery, Fazoli’s, Great American Cookies, Smokey Bones, and Hot Dog on a Stick.
“We look forward to utilizing Bitcoin as an efficient tool for streamlining and simplifying the payment process and are excited to be at the forefront of this evolution in embracing Bitcoin as it continues to grow in popularity,” Wiederhorn added.
Notably, it’s not the first company to accept Bitcoin, Ethereum (ETH) and other cryptocurrencies. However, the move strengthens the franchise chain’s potential to tap into a market teeming with opportunity as financial and technological innovation takes root.
Some of the global brands that accept cryptocurrency payments include Travala, Nike, GameStop and Best Buy.