Blockchain Startup LoyalCoin Partners With Grab Philippines

Announcements, Blockchain | September 25, 2018 By:

Blockchain startup LoyalCoin is partnering with Grab Philippines, the country’s version of Uber, to allow riders to pay for rides using LYL tokens.

LoyalCoin, created by blockchain omnichannel loyalty solution Appsolutely, is a cryptocurrency payment gateway and exchange. It offers a customer loyalty-oriented digital asset that aims to replace and enhance traditional rewards point systems. LYL is a NEM-based token that serves as a currency on the LoyalCoin ecosystem.

In addition to allowing users to pay for their trips with LYL tokens, the partnership would also enable LoyalWallet users to use the tokens as discounts for their Grab rides, which ranges from P50 ($1 USD) to P100 ($2 USD). LoyalCoin said wallet users can easily input the generated codes as promos before booking their Grab rides.

Patrick Paul Palacios, CEO of LoyalCoin, said that the partnerhsip emphasizes their end goal in expediting nationwide adoption of blockchain technology.

“As the first Filipino company to launch a token generation event, our goal has always been to take our local roots to a global stage,” Palacios said. “We are continuously implementing customer-driven, and forward-looking strategies and choose strategic partnerships to share the benefits and our vision of a blockchain-powered loyalty economy worldwide.”

Steven Martin Luchangco, Grab Philippines head for business, said this collaboration enhances the company’s vision of offering its customers convenience in day-to-day transactions.

“Our partnership with LoyalCoin is highly aligned with our goal of bringing our consumers closer to the things that matter to them and providing services that support their everyday needs,” Luchangco said.