Rakuten is set to launch their own cryptocurrency soon to supplement their current loyalty and rewards program. Dubbed Rakuten Coin (how…innovative) the blockchain based currency is being described as a “borderless currency” that will allow Rakuten to penetrate markets it may not already be operating in as well as create immense buy-in from those that may view the current loyalty reward program as something to look over.
“The points are obtained every time a customer makes a purchase on the marketplace and can be used to discount future purchases or buy certain products or services on the shopping platform.”
While this just sounds like a loyalty program on the blockchain to me, I’m eager to see how other big brands treat this cryptocurrency launch. Using blockchain to validate and verify your reward program seems to be a basic step. But how could big brands better leverage an ICO as a branded currency? Could Rakuten reward dedicated miners if this coin isn’t already pre-mined?
Rakuten might be moving first, but are we going to see an AmazonCoin, WalmartToken or TargetCoin in the near future? Big players like these are likely to innovate beyond the loyalty point reward coin concept as the space is ripe for disruption and everyone and their dog can’t stop talking about crypto.