A craft beer manufacturer from the United Kingdom has integrated cryptocurrency payments as its stock purchasing options, and it probably couldn’t come at a better time.
Yesterday, BrewDog published an official statement in which it revealed that it would be extending its current crowdfunding program to April 2020, adding the exciting news that it would now be accepting Bitcoin payments from crypto enthusiasts who want to dig into the Bitcoin wallets and buy shares with the asset instead.
The crowdfunding program, which the brewery dubbed “Equity for Punks,” has helped the company increase its loyal community, which the statement estimates to be about 114,000 people. Thanks to the addition of cryptocurrency support, the company is allowing crypto-loving citizens to also participate in its fundraising round; a move which should see it attract even more people.
Per the statement, currencies that will be accepted for purchasing shares include Bitcoin, Bitcoin Cash, and others.
As part of the announcement, BrewDog launched the Cryptonite, a special brew to commemorate its acceptance of cryptocurrencies. Per the statement, anyone who purchases shares in any of the aforementioned digital assets (or an “equity punk,” as the brewery now calls them) would be given a case for six.
Apart from signaling the first time that a company in the alcohol industry will be incorporating cryptocurrencies into anything other than the mere payments option, this move actually does play into BrewDog’s brand identity. Over the years, the company has been known for challenging norms and being a bit unconventional, despite not being a cryptocurrency exchange.
As the announcement notes, “James and Martin started BrewDog to be an alternative to the status quo; to challenge perceptions and revolutionize their industry. The developers, miners, and users of cryptocurrency are exactly the same. Joining forces to link the old and new financial systems is a perfect fit.”
Is there possibly anything more fitting that accepting cryptocurrencies? BrewDog’s love for crypto is also well-known. The brewery announced last year that its bar located in Canary Wharf, London will be accepting payments for drinks in both Bitcoin and Bitcoin Cash going forward, adding that “the first 100 people through the doors will score a Bitcoin Cash wallet loaded with anywhere from £12 to £100!.”
The company’s inclusion of cryptocurrencies is in the midst of a bit of a correction for the cryptocurrency market. Bitcoin, for example, has fallen from the month-long high of $13,775 and is currently holding a token price of $11,392, down 3.94 percent over the past 24 hours (according to data from CoinMarketCap).
However, given the run that Bitcoin has had over the past few weeks, there is optimism that the asset’s value will rise again. Once it does, BrewDog will undoubtedly be happy that they allowed investors to purchase shares in Bitcoin.
The success of this could also serve as a display of just how much Bitcoin and other cryptocurrencies can effectively disrupt the traditional financial system. Effecting payments is one thing, but being integral with stocks and shares has undoubtedly got to be a notch higher.