A fourth Madrid location becomes the first TRIB3 franchise to be secured using Bitcoin
Published: 22 August 2021
In a first-of-its-kind deal, TRIB3’s new franchised location in Madrid – the fourth TRIB3 store to come to the city – has seen the initial franchise fee paid for in cryptocurrency Bitcoin.
The franchise fee, which is paid upon signing a franchise agreement with TRIB3, to cover the plethora of actions that take place ahead of fit-out and store opening, includes property location and securement, full store design, digital platform set up and business planning. TRIB3’s new Madrid franchise partners transferred the bitcoin amount securing their position as the owners of what will be the fourth TRIB3 in Madrid and the second franchised location in the city – alongside a swathe of openings also planned for Barcelona and other major regions across the country.
The franchise fee, which is paid upon signing a franchise agreement with TRIB3, to cover the plethora of actions that take place ahead of fit-out and store opening, includes property location and securement, full store design, digital platform set up and business planning. TRIB3’s new Madrid franchise partners transferred the bitcoin amount securing their position as the owners of what will be the fourth TRIB3 in Madrid and the second franchised location in the city – alongside a swathe of openings also planned for Barcelona and other major regions across the country.
TRIB3 CFO, Thomas Moran, comments: "As a brand, we’re known for making our services as accessible as possible so when we were approached about the possibility of securing a franchise through Bitcoin we worked alongside our prospective franchise partners to make it happen. Many other major brands have been developing or are currently operating cryptocurrency payment options so we’re keeping abreast of how this will look for our future partners too.”
The fourth Madrid TRIB3 store will open in Q4 2021 alongside the two corporately owned stores, Basilica and Cuzco, and the original franchised location, Goya.
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