Distributed retail shopping platform GATCOIN thinks it has a solution to one of the main problems limiting cryptocurrency growth: how to get digital assets into the hands of regular consumers as they make everyday purchases.
The company’s platform allows companies to issue branded cryptocurrencies that can be used in ‘multiverse’ of shops and exchanges tied together using blockchain technology. Brands can turn vouchers, stored value cards, reward points and more into cryptocurrencies that can only be used within the specific ecosystem.
Consumers will manage and collect their retail-issued cryptocurrencies using a mobile app, and will be able to convert their tokens into cash if they want.
The company lists the potential benefits for the brands involved will enhanced consumer experience, cemented loyalty and access to valuable data.
Simon Cheong, CEO and founder of GATCOIN, said:
“The average consumer belongs to over 30 shopping incentive programmes. Most of those incentives will never be claimed. For consumers, this is like losing money out of their pocket. For corporations, it means a waste of resources and lost customer loyalty.
“Consumers will be able to collect retail currencies on their phone, spend them for real products, and exchange them for other currencies with other retailers if they want.”
The company will formally launch in Japan in 2018, with a network of over 60,000 retail and online shopping outlets, including global fast food, consumer and beauty brands.
This network will be managed by the GAT Foundation, a Singapore-based independent, non-profit organisation.
GAT tokens will be available from 28 October 2017. More details can be found on the company’s website.
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