Wings and Rings, a Cincinnati-based sports restaurant concept specializing in buffalo wings, launched an incentive program allowing potential franchisee owners to pay in cryptocurrency.
The goal is to signal that the concept plans to become a disruptive leader in a changing industry, said Thomas Flaherty, Wings and Rings chief development officer.
“We’re excited to launch this new strategy, and we firmly believe it will showcase our brand to prospective franchisees that have an interest in an evolving world and technology,” he added.
“This is an exciting opportunity for us to showcase our company as a tech-savvy and tech-enabled brand, and we believe the forward-thinking attitude of Bitcoin-holding investors will help us propel our business to even further heights.”
Bitcoin is a digital currency that operates without the oversight of banks and government. Instead, the cryptocurrency relies on peer-to-peer software and cryptography to store the money in a public ledger that records all transactions using blockchain technology.
The technology is still relatively new. In a November 2021 Pew Research Center survey, only 16% of Americans indicated that they have invested in, traded or used cryptocurrency. Overall, 86% of respondents said they have heard at least a little about cryptocurrencies, including 24% who say they have heard a lot about them, according to the survey of U.S. adults, conducted Sept. 13-19, 2021.
Once a potential owner submits the $40,000 franchising fee in Bitcoin, Wings and Rings can convert the cryptocurrency immediately to dollars or hold onto it as an investment. As of January 7, 2022, the sports restaurant concept only has six franchise locations planned and none have yet to use Bitcoin.
The Bitcoin announcement follows a 2020 development incentive program that waived all franchise fees and royalties during the first six months of operation. This program will remain in effect through 2022.
Wings and Rings is a club-level sports restaurant and bar with 85 locations across the global. The restaurant serves chicken wings, salads, burgers and sandwiches.
