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Blockchain-based platform converts loyalty points into tokens

Retail

A new token is hoping to disrupt the online shopping industry by allowing users to exchange loyalty points for cryptocurrency

N.B. This ICO platform no longer exists as of 22 January 2018. However, we are keeping the story in our database as an example of a unified brand loyalty scheme that could inspire other businesses in the future. 

Cashback and loyalty programs have become very popular with shoppers, however customers often find it difficult to convert their points earned because they don’t find the rewards enticing. The result is a collection of a large amount of points, which are not spent and cannot be transferred to another user or scheme. Now, Tortola-based cryptocurrency startup is set to remedy this with their launch of a blockchain-based platform.

Benebit will offer consumers the opportunity to convert their brand loyalty points into tokens that can then be used as flat currency to buy goods and services around the world. The company hopes that retailers will ditch their individual loyalty cards for the scheme, which aims to create a better consumer-merchant relationship. For consumers, the startup will be introducing the Benebit App and the Benecard in 2018. Loyalty points from participating brands will be converted into Benebit Tokens, and shoppers can use the app to find new brands, shop and to store their points. The card will act as a hardware wallet for the tokens, and will act as a type of debit card.

For retailers, the platform will provide a toolkit for brands that will allow better customer targeting and lower retailers’ transaction fees by cutting out intermediaries. The Benebit app will also allow brands to interact with customers, increasing customer engagement. Benebit’s initial coin offering will take place in January 2018, and anyone wanting to purchase Benebit Tokens can buy them using Bitcoin, Ethereum, Litecoin or DASH. Cryptocurrencies are becoming ever more popular, as we have seen with a blockchain platform that rewards carbon-friendly consumer choices and state-run cryptocurrency. Will Benebit now offer a way to revolutionize the retail experience?

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