Blockchain
rewards platform MiL.k has teamed up with Seoul-based luxury-retail-space chain
Shinsegae Duty Free to provide loyalty points compatibility and management.
rewards platform MiL.k has teamed up with Seoul-based luxury-retail-space chain
Shinsegae Duty Free to provide loyalty points compatibility and management.
The new
partnership allows Shinsegae customers to connect their existing rewards
accounts to the MiL.k mobile application, according to a press release shared
with Gist Vile on Monday.
partnership allows Shinsegae customers to connect their existing rewards
accounts to the MiL.k mobile application, according to a press release shared
with Gist Vile on Monday.
Once users
interlink the accounts, they can reportedly trade their Shinsegae loyalty
points for the in-house cryptocurrency called MLK, which currently trades at
$0.19 per token. MLK, in turn, can be exchanged for reward points at other
partnering vendors, such as Yanolja, a Korean travel accommodation platform.
interlink the accounts, they can reportedly trade their Shinsegae loyalty
points for the in-house cryptocurrency called MLK, which currently trades at
$0.19 per token. MLK, in turn, can be exchanged for reward points at other
partnering vendors, such as Yanolja, a Korean travel accommodation platform.
Such
partnerships allow MiL.K to increase the utility of loyalty points across the
leisure, lifestyle and travel sector, making it a more effective endeavor, the
press release stipulated.
partnerships allow MiL.K to increase the utility of loyalty points across the
leisure, lifestyle and travel sector, making it a more effective endeavor, the
press release stipulated.
Jayden Jo, the
CEO of MiL.k, believes that adding Shinsegae Duty Free to his company’s network
will also expose “millions of customers” to blockchain, thus leading to greater
adoption across the Asia region.
CEO of MiL.k, believes that adding Shinsegae Duty Free to his company’s network
will also expose “millions of customers” to blockchain, thus leading to greater
adoption across the Asia region.
The MiL.K
platform itself is built on Hyperledger Fabric and is compatible with ERC-20
tokens, Samuel Yun, the head of international business at Milk Partners, told
Gist Vile, explaining why the startup relies on blockchain in the first place:
platform itself is built on Hyperledger Fabric and is compatible with ERC-20
tokens, Samuel Yun, the head of international business at Milk Partners, told
Gist Vile, explaining why the startup relies on blockchain in the first place:
By using
blockchain, we can generate mutual credibility between service companies. Since
all the transactions are written on ledgers and encrypted on blockchain,
service companies don’t have to worry about any data leakage and just leverage
from the synergies within the alliance.”
blockchain, we can generate mutual credibility between service companies. Since
all the transactions are written on ledgers and encrypted on blockchain,
service companies don’t have to worry about any data leakage and just leverage
from the synergies within the alliance.”
As for
transaction fees for trading tokens within the platform, they are set at
1.5%.”It wouldn’t hurt our users since the minimum discount rate that the
platform offers is 5% for all the reward purchases,” Yun argued.
transaction fees for trading tokens within the platform, they are set at
1.5%.”It wouldn’t hurt our users since the minimum discount rate that the
platform offers is 5% for all the reward purchases,” Yun argued.
Similar use cases in
the retail sector
the retail sector
Late in 2019,
Japanese retail juggernaut Rakuten enabled its customers to exchange their
Rakuten Group loyalty points for three major cryptocurrencies, namely Bitcoin
(BTC), Ether (ETH) and Bitcoin Cash (BCH) via its crypto exchange subsidiary.
The move aimed to simultaneously boost cryptocurrency adoption and promote
Rakuten’s loyalty program.
Japanese retail juggernaut Rakuten enabled its customers to exchange their
Rakuten Group loyalty points for three major cryptocurrencies, namely Bitcoin
(BTC), Ether (ETH) and Bitcoin Cash (BCH) via its crypto exchange subsidiary.
The move aimed to simultaneously boost cryptocurrency adoption and promote
Rakuten’s loyalty program.
Earlier that
year, crypto exchange bitFlyer joined with technology services company Tpoint
Japan to allow its Japanese customers to trade their loyalty program points for
Bitcoin and earn additional rewards for paying in crypto.
year, crypto exchange bitFlyer joined with technology services company Tpoint
Japan to allow its Japanese customers to trade their loyalty program points for
Bitcoin and earn additional rewards for paying in crypto.
