The latest video from Loyal Coin is up, updating its holders and users on the latest about the blockchain-based rewards platform. In the update, Loyal Coin announces its partnership with UK-based 50cycles, manufacturer of electric bikes.
In a recorded clip, Scott Snaith, CEO of 50cycles presented the partnership and what it means for his company and rewards platforms in the UK.
He cited a report from the Daily Telegraph that over 6 billion pounds worth of loyalty points go unclaimed each year. When a person participates in so many loyalty programs, it will be hard to track each reward. Also, it will be difficult to “redeem” them because, as with every rewards program, it takes time to accumulate enough points to redeem them. Mr. Snaith said Loyal Coin makes it easy for the merchant and customers to use.
For a refresher, merchants can issue loyal coins whenever customers buy something. These coins can then be used by customers to purchase products from a different merchant, to convert them to other rewards such as GetGo by Cebu Pacific, or even exchange it to other cryptocurrencies such as bitcoin, litecoin, or ether.
Of course, if a user exchange the loyal coin to bitcoin, it becomes possible to convert it into fiat.
As for the partnership, customers of 50cycles can earn 50 points for every 50 miles ridden. This will be redeemable at every 1,000 miles of use. Mr. Snaith thinks this system is a nice way to promote usability of his electric bikes and loyal coin, while at the same time having a positive impact on the world. He further said that the Loyal Coin program offers his customers the best return for their loyalty, and he encourages other UK-based businesses to do the same thing.
50cycles is an electric bicycle specialist that initially launched in 2003. Mr. Snaith is an early adopter of Loyal Coin, after he read the whitepaper handed out to him by a friend from the NEM Foundation.
Along with an extensive interview with True Money, the video also announces Loyal Coin’s listing to Coinmarketcap, arguably the most popular cap and price tracker for various cryptocurrency tokens.
50cycles website at https://www.50cycles.com
Loyal Coin website at https://loyalcoin.io/