Yesterday, blockchain rewards company Loyyal announced investments from Asian-based market leaders Unblock Ventures (a subsidiary of LINE Corporation, essentially Japan’s WhatsApp), Recruit and Monex.
Loyyal leverages a customized version of the Hyperledger Fabric blockchain and smart contract technology to help firms manage their loyalty and incentive programs more efficiently.
There is currently over $5 trillion worth of loyalty rewards stored globally according to Loyyal. In the Asia-Pacific region, 80% of consumers in the retail, travel and hospitality, and services sectors become members of loyalty schemes. Hence, the region holds a lot of potential for Loyyal and this investment provides them with a foothold.
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