Blockchain announcement sends stock of Hooters franchisee soaring [updated]
The stock market loves blockchains. Last month, the Long Island Iced Tea Company rebranded itself as Long Blockchain and saw its stock price triple. On Tuesday, restaurant company Chanticleer Holdings saw its stock soar by 50 percent after the company announced that it would be moving its reward programs to the blockchain. The company owns several burger brands and operates a number of Hooters restaurants. It also holds a minority stake in Hooters of America, the parent company of Hooters.
"Eating a burger is now a way to mine for cryptocoins," said Dennis Becker, CEO of Mobivity, the company that's helping Chanticleer jump on the cryptocurrency bandwagon. "Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the consumer that can be used for future meals or traded with other consumers."
Chanticleer Holdings owns a number of different brands, most of them burger-related. These include Little Big Burger in the Northwest, American Burger Co. on the East Coast, and the national BGR chain.