Fintech service firm Appsolutely begins pre-selling LoyalCoin (LYL) cryptocurrency, as a prelude to its upcoming token-generating event (TGE) on December 11. Appsolutely will release 4.75 billion LYLs to the public. Currently, $1 can buy 250 LYL, while Php 1 can buy 5 LYL.
The public event will enable merchants, retailers, and even consumers to purchase LYLs that can be traded with partners of Appsolutely.
“This pre-sale event is intended to build the company’s capacity among consumers and retailers, especially as we see LYL becoming a mainstream digital currency for a variety of services,” according to Patrick Palacios, Appsolutely CEO.
Opportunities in an omnichannel loyalty economy
Appsolutely, a company that has extensive experience in digital loyalty and platforms and has earned an impressive portfolio of major retail clients, has recently developed blockchain-enabled services as the next-generation solution to customer loyalty.
The company is firming up its vision of a universal loyalty points system across service-oriented companies.
Inspired by the growing global trend of an omnichannel loyalty economy among businesses, Appsolutely is taking their knowledge to develop a robust system that enables companies to engage customers and provide them with elevated levels of experience.
Citing a recent report by research firm KBV Research, Appsolutely’s Patrick Palacios said the loyalty management market is projected to grow US$6.2 billion by 2023, which is an 18.6 percent growth from the previous year.
“This isn’t just a one-off trend; we’re seeing lots of opportunities as even merchants are becoming interested in transacting using cryptocurrencies, which are more secure and robust as a mode of payment,” Palacios said.
Tech behind Appsolutely
The result of their research and development is a rewards ecosystem called LoyalPlatform, designed to enable companies to effectively adapt an omnichannel loyalty program and turn an otherwise deficient loyalty system to a more secure and value-based rewards program. LoyalPlatform is composed a digital wallet, a series of white label apps, and a coalition of supporting merchants and vendors.
At the core of the LoyalPlatform is LoyalCoin (LYL), a secure, blockchain-based virtual currency that would serve as both denomination for rewards and avenue for exchange into other virtual currencies. LoyalCoin tokens are created on the NEM Blockchain Technology network, a powerful blockchain system that can process 4000 transactions per second, faster than other blockchain systems. With it, customers who are issued LYLs by retailers can redeem rewards from the source merchants or use the LYLs to purchase other products other than from the source retailers.
Meanwhile, LYLs also help retailers by opening new revenue streams from surplus economic activity where points earned can be used to trade for other products and services with other merchant partners.
For more information on how to participate visit https://loyalcoin.io/.