Venezuelan branch of Pizza Hut starts accepting Bitcoin

Written by: Ali Raza
November 30, 2020
  • Pizza Hut in Venezuela has recently started accepting cryptocurrencies as a form of payment.
  • The move was announced by CryptoBuyer, which allows users to buy food and drinks with coins.
  • The decision comes due to the need to accommodate the growing number of crypto users in the country.

Pizza Hut may be a US-brand, but the pizza-making company has expanded all across the world since it was first founded. Now, its Venezuelan branch decided to join the local trend and start accepting crypto payments in all Venezuela-based stores.

Pizza Hut accepts crypto payments

The news first emerged three days ago, on November 27th, when a crypto services firm, CryptoBuyer, tweeted about it. CryptoBuyer said that Pizza Hut stores across Venezuela will accept digital currencies as a form of payment for food and drinks.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The fact that businesses across Venezuela are going crypto is no surprise. With the country’s native currency, the bolivar, still suffering from hyperinflation, crypto adoption has been moving at a high rate in the South American nation.

Crypto firms have been partnering with local businesses to drive adoption and facilitate crypto payments, and so, CryptoBuyer itself recently partnered with Mega Soft, just before the move was announced.

Pizza Hut’s General Director for Venezuelan operations, Richard ElKhouri, stated that the company cannot be detached from “these technological advances and all those incorporating new approaches for daily necessities.” He further added that there are many who need to be accommodated, including technologically knowledgeable, modern adults, as well as the younger generations.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account

Bitcoin adoption in Venezuela

By using CryptoBuyer, people will be able to buy pizza and other foods with a variety of cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance USD (BUSD), Dash, Tether (USDT), Dai, as well as the firm’s native cryptocurrency, XPT.

CryptoBuyer also runs a number of Bitcoin ATMs in the country, but also in other nations across South and Central America. The firm also allowed US-based fast-food chains and other companies to accept crypto, such as Burger King, Traki, and Tamanaco Intercontinental Hotel in Caracas.

Also, Bitcoin’s ties to pizza purchases go all the way back to May 22nd, 2010, when a programmer Laszlo Hanyecz used 10,000 BTC to purchase two pizzas. This purchase will be remembered in history as the two most expensive pizzas ever made, since the amount he paid for them would today be worth roughly around $181 million.