Blockchain rewards platform MiL.okay has teamed up with Seoul-based luxurious retail area chain Shinsegae Obligation Free to offer loyalty factors compatibility and administration.
The brand new partnership permits Shinsegae prospects to attach their current rewards accounts to the MiL.okay cellular app, in keeping with a press launch shared with Cointelegraph on Could 11.
Adoption for “hundreds of thousands” of shoppers?
As soon as customers interlink the accounts, they will reportedly commerce their Shinsegae loyalty factors for the in-house cryptocurrency known as MLK, which at the moment trades at $0,19 per token. MLK in flip, might be exchanged for reward factors of different partnering distributors, like Yanolja, a Korean journey lodging platform.
Such partnerships permit MiL.Okay to extend the utility of loyalty factors throughout the leisure, life-style, and journey sector, making it a more practical endeavor, the press launch stipulated.
Jayden Jo, CEO of MiL.okay, believes that including Shinsegae Obligation Free to his firm’s community may also expose “hundreds of thousands of shoppers” to blockchain, thus resulting in higher adoption throughout the Asia area.
MiL.Okay platform itself is constructed on Hyperledger Material and is appropriate with ERC-20, Samuel Yun, head of worldwide enterprise at Milk Companions instructed Cointelegraph, explaining why the startup depends on blockchain within the first place:
“Through the use of blockchain, we are able to generate mutual credibility between service corporations. Since all of the transactions are written on ledgers and encrypted on blockchain, service corporations don’t have to fret about any information leakage and simply leverage from the synergies inside the alliance.”
As for transaction charges for buying and selling tokens inside the platform, they’re set at 1.5%.”It wouldn’t damage our customers for the reason that minimal low cost fee that the platform gives is 5% for all of the reward purchases,” Yun argued.
Comparable use instances in retail sector
Late in 2019, Japanese retail juggernaut Rakuten enabled its customers to exchange their Rakuten Group loyalty factors for 3 main cryptocurrencies, specifically Bitcoin (BTC), Ethereum (ETH) and Bitcoin Money (BCH) by way of its crypto alternate subsidiary. The transfer aimed to concurrently increase cryptocurrency adoption and promote Rakuten’s loyalty program.
Earlier that year, crypto alternate bitFlyer coupled up with know-how companies firm Tpoint Japan to permit its Japanese prospects to commerce their loyalty program factors for Bitcoin, and earn extra rewards for paying in crypto.
