Limiting loyalty points to be used at the brand behind the customer rewards program is so yesterday. Appsolutely is behind the LoyalCoin, which is a customer loyalty program that allows loyalty points to be transferred to multi-national companies via the blockchain. The idea resonates with investors, evidenced by a pre-sale that is sold out across nearly 1,000 backers. The upcoming ICO is scheduled for Dec. 10.
Appsolutely is based in the Philippines, where incidentally upcoming ICO regulation is at the forefront. Local bitcoin volume has surged threefold since last year to about USD 6 million in remittance transactions each month currently, as locals are able to send money home faster and cheaper with the cyrptocurrency.
On the heels of this trend, central bankers and securities officials in the country are reportedly in discussions to regulate token sales. A central bank official told Bloomberg that companies are looking to capitalize on the "tremendous growth potential" in the cryptocurrency space.
The Upcoming Appsolutely ICO
Appsolutely has been around since 2013, and they boast awards for their white-label customer loyalty programs. The concept isn't completely unique to Appsolutely, as Capital One allows users to transfer their accumulated loyalty miles to a number of different airlines. But Appsolutely is targeting loyalty programs across industries with an NEM-blockchain-based platform and already claims to have household brands as clients including Starbucks and Denny's, according to the White Paper.
The company plans to allocate the proceeds from its upcoming ICO as following: more than 50% toward staffing, 16% toward research, 10% toward team incentives and the balance across operations, marketing, legal and finance, etc. Their platform is in beta format now and Appsoultely appears to be targeting Q1 2018 for the launch of what it calls the LoyalWallet and LoyalCoalition.
The company's blockchain-based universal loyalty points system driven by the LoyalCoin tokens that will be sold during the upcoming ICO. The loyalty points serve multiple purposes and can be used toward redeeming awards, making online purchases, converting to fiat money and more. For instance, users could potenially use points they earned from grocery shopping to fill the car with gas.