In the past years, blockchain projects are increasingly entering new industries. For example, FlyCoin is the latest crypto coin to enter the massive Travel Rewards Program Industry. It is led by some of the most recognized names in crypto, and it should be one project to watch in 2022.
FlyCoin, a cryptocurrency-based travel rewards technology company, has raised more than $33 million in an oversubscribed seed round.
The funding was led by Josh Jones, who founded Bitcoin Builder in 2012 and is now chair of FlyCoin’s board and oversees the company’s technology development. Also participating in the seed round were TenOneTen Ventures, 8VC, Liquid 2, Gaingels, and individual investors Michael Blend and Bill Foley.
FlyCoin provides companies in travel and hospitality, as well as other consumer-facing sectors such as insurance and financial services, with a blockchain-based loyalty solution. Users can earn FlyCoin’s FLY token – minted on the Ethereum blockchain – which does not have the limitations associated with traditional loyalty rewards such as expiration dates, lack of transferability, and limited redemption options. Get a dose of digital travel in your inbox each day
“The travel and rewards industry will exceed $1.4 trillion by 2023. With figures like those, it’s time to bring smarter rewards to the people who make the industry as successful as it is: the travelers. FlyCoin is the next generation of digital rewards, and the evolution of a decades-old industry – one that is past due for a digital transformation,” Jones says.
Founded in October 2021, FlyCoin’s partners include Northern Pacific Airways and Ravn Alaska, which are already enabling customers to earn FLY tokens on all paid flights.
“The rewards and benefits industry, across verticals, has remained stagnant and limited with how it has been rewarding customer loyalty, until today,” says Lenny Moon, CEO of FlyCoin.
“FlyCoin is progressing the industry forward by rewarding customers with a cryptocurrency where the issuer cannot dictate the rules of expiration or intentionally depreciate its value. We are grateful for the engaged support from our investor base. We plan to aggressively build out the platform and secure additional partners to start growing the FLY ecosystem.”
In Q3 of this year, FlyCoin says it will release a consumer-facing app and an API for partnership integration. FLY tokens will become tradeable on various cryptocurrency exchanges later this year.
Fida is another blockchain-based loyalty token in development for use by travel brands. Founder Mark McLaughlin spoke about the benefits of decentralized tokens for loyalty during the December PhocusWire Pulse.
Another type of blockchain-based solution – NFTs – are also gaining traction in travel rewards. In early January Travala, one of PhocusWire’s Hot 25 Startups for 2022, launched an NFT-based travel rewards program.
Also in January, a Singapore-based company, LynKey, announced an NFT-based platform for resorts and hotels to “tokenize all aspects of property development – purchases, leases, land use, and related tourism entertainment – into an international blockchain-powered ecosystem.”
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