After closing doors in 2020 because of the COVID-19 pandemic, 78 Espresso Co. reopened as Dogebeans Coffee. Andrew Lutes, co-owner of Dogebeans Espresso, decided to rebrand the business because of his love for dogecoin. He had initially bought the meme coin for a penny before it went up to eight cents.
Lutes revealed that he was looking at his dogecoins and felt like buying some coffee with it. But he couldn’t find anything online. This saw the rise of the idea for Dogebeans Coffee. So Lutes shared the idea with his business partner Kelly Fineman and together they went for a viral marketing campaign on Twitter and Reddit. Lutes wanted to be one of the many solely espresso retailers to just accept crypto for purchases.
He highlighted that service suppliers on a variety of occasions cost companies from 2 to 6% on each transaction. Lutes believes that crypto empowers one to maintain extra in the margins. However, with bitcoin and ether there is the risk of value volatility. But Lutes says he isn’t worried or involved in value fluctuations. He explained that as crypto is being adopted extra, there are not many crypto funds around so it allows them to grasp onto it and see what happens. The dogecoin lover said there’s no need to fret about money when at Dogebeans. It’s like scanning a QR code!
Dogebeans has positioned its business as an espresso store. People can use their crypto as they do with day-to-day foreign money. Lutes shared that they aren’t changing to the US dollars instantly. Dogebeans is collaborating within the system.