Craft Beer’s BrewDog launched its first cryptocurrency bar recently in the Canary Wharf financial area of London. The cashless bar will accept Bitcoin (BTC) for drinks. Apart from BrewDog, the drinkery also offers the new Hop Exchange beer from Craftbeer. The price of drinks in cryptocurrency will depend on the price movements for that day. Just above the bar, the display mentions the trading results of the day and accordingly drinkers pay for the correlated beer price.
First cryptocurrency bar to use electronic dot matrix to relay trading results
The first cryptocurrency bar in London will use electronic dot matrix for relaying crytpocurency trading results. Accordingly, the drinkery will determine the cost for the beer. London’s Canary Wharf is the second cashless bar of Brewdog in the city and also the first attempt by the company to start accepting Bitcoin (BTC-USD) and Bitcoin Cash (BCH-USD) payments. BrewDog intends to expand cryptocurrency and cashless payments across its global bars in the near future.
Although Brewdog is the first to start accepting cryptocurrency in its bar, it is not the first to price the drinks based on the fluctuations in the financial market. In 2015, entrepreneurs Glen Burgess and Alan Grant opened Reserve Bar Stock Exchange on London’s Gresham Street in Square Mile pricing all the drinks according to the trading on the London Stock Exchange. Later on, they created an algorithm according to which the rate followed the purchase of that evening. The more popular a drink became that evening, the more the drinkers paid. Similarly, if a specific drink did not sell, its price would fall.
The first cryptocurrency bar opened on October 19 with Brewdog giving away $4,000 at its opening. At the function Brewdog said, “At Brewdog we have worked our entire lives to challenge perceptions and be bold and uncompromising; the developers and miners of cryptocurrency are exactly the same.” Brewdog further added that adopting alternative payment options for the company is a natural choice.