New York City pizza chain Beggars Pizza has announced it will launch its own blockchain-based cryptocurrency called New York Pie.
The announcement follows the establishment of a token known as NYPY on the platform of Beggers Pizza on July 1, 2016.
“The new token is the first of its kind for the New York pizza chain,” the company wrote in a press release.
“We are proud to join the industry-leading global pizza industry with this exciting announcement.
The NYPZ tokens are designed to allow users to securely store and transfer value on the blockchain and to be able to transact directly with the NYPNY network, without any intermediaries.”
In its announcement, Beggs said that the token will allow for direct payments to NYPX, NYPIE, and NYPYY, with the token itself being held in escrow until its purchase on the NYNYX exchange.
The tokens are being listed on the New Jersey-based CoinMarketCap platform.
New York Restaurants, a major chain of New York-style pizza restaurants, announced that they will be offering the tokens as a way to increase their visibility and offer their customers a new way to pay for food.
A spokesperson for the chain did not immediately respond to a request for comment.
Bloomberg previously reported that New York’s largest pizza chain, Papa John’s, had been working on a similar cryptocurrency-based payment platform for years.
The startup behind the project, New York Public Market, announced in February that it had raised $150 million in funding.
Bloomberg also reported that the company had been developing a “tokenized payment protocol” for the city’s pizza industry.
A statement from the company stated that the team had “worked with several developers and technologists, including Vitalik Buterin, to develop this tokenization system that we are now implementing.”
The company, which is headquartered in the U.K., said it will use the New Orleans-based Ethereum blockchain to manage the token and “transact directly with NYPQX and NYPLZ.”
New York Mayor Bill de Blasio said last week that he wanted the city to launch a bitcoin exchange for its city-operated restaurants.
The city, which has a population of over 40 million, has the fourth-highest bitcoin exchange rate in the country, and is expected to launch bitcoin trading platforms soon.
Bloomberg noted that New Yorkers will have access to the NYQX token by using the token’s website.