A blockchain firm launches a platform where retailers can issue their own cryptocurrencies
Imagine a world where consumers use cryptocurrencies to buy a cup of coffee or get the latest offering of a known fashion brand. This is what Hong Kong-based GATCOIN envisions with the launch of a solution that enables retailers to issue their own currencies in a blockchain multiverse.
The new platform allows for the conversion of vouchers, stored value cards, and reward points into cryptocurrencies that will flow on purpose-built high-speed super large ledgers. Their mission: to create a future where consumer can opt to use cryptocurrencies for everyday purchases.
"In this future, global franchises will use blockchain-based cryptocurrencies they brand and control to enhance the consumer experience, cement loyalty, and gather valuable data," GATCOIN CEO and founder Simon Cheong said.
With this, consumers will be able to instantly track and manage retail-issued cryptocurrencies on their mobile phones. This also allows them to exchange them for cash.
Cheong stressed that consumers may also be able to exchange their cryptocurrencies for other currencies with other retailers.
Additionally, he claimed that 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," he said.
GATCOIN will be available in Japan next year, where it will be rolled out to over 60,000 retail outlets in the areas of fast food, consumer beverage, beauty, and convenience stores.
GAT Foundation, an independent non-profit organisation in Singapore, will be overseeing the network. The public will be able to access GAT tokens on 28 October.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Why cryptocurrencies might not suit all investors
Beleaguered Canadian retailer seeks private backers
The new platform allows for the conversion of vouchers, stored value cards, and reward points into cryptocurrencies that will flow on purpose-built high-speed super large ledgers. Their mission: to create a future where consumer can opt to use cryptocurrencies for everyday purchases.
"In this future, global franchises will use blockchain-based cryptocurrencies they brand and control to enhance the consumer experience, cement loyalty, and gather valuable data," GATCOIN CEO and founder Simon Cheong said.
With this, consumers will be able to instantly track and manage retail-issued cryptocurrencies on their mobile phones. This also allows them to exchange them for cash.
Cheong stressed that consumers may also be able to exchange their cryptocurrencies for other currencies with other retailers.
Additionally, he claimed that 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," he said.
GATCOIN will be available in Japan next year, where it will be rolled out to over 60,000 retail outlets in the areas of fast food, consumer beverage, beauty, and convenience stores.
GAT Foundation, an independent non-profit organisation in Singapore, will be overseeing the network. The public will be able to access GAT tokens on 28 October.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Why cryptocurrencies might not suit all investors
Beleaguered Canadian retailer seeks private backers
