Codemojo (Backed by PayPal Incubator) is launching its ICO to Mobilize $360 Bn worth of Reward Points Globally

Share with:

Codemojo, a Customer Engagement company is adopting Blockchain technology to upgrade its existing Rewards Network and make it borderless for consumers across the Globe.

According to the team, the new Global Rewards Network will enable easy, secure and frictionless redemption for consumers who have stacked up close to 48 Trillion Reward points that are unredeemed, whose perceived value is $360bn.

[embedded content]

Global Rewards Network is a single platform that connects Consumers, Brands and Publishers, enabling users of partnered brands and publishers to link, combine and convert all their reward points to a local fiat equivalent, which in turn can be redeemed against the list of products and services across the extensive Global Rewards Catalog. For consumers, this will be an easy to use mobile app/website which doesn’t require any knowledge on Cryptocurrency and Blockchain.

ALLOY token, the soon to be launched Cryptocurrrency will act as the Anchor currency facilitating cross border transactions, similar to how USD works for the International Trade, with an exception of being used in the backend enabling transactions between the parties in their local fiat currencies.

When asked about the idea behind adopting a decentralized ecosystem to reward global consumers, the Co-founder Vijaykrishna Ramanathan said,

“Reward Program Signups have become mainstream and around 36% of consumers get to sign up such programs every year. Despite the rise in acceptance of reward programs, consumers end up not redeeming their Reward points. Ultimately, these unredeemed points become a liability in brands’ books. Having been into customer engagement space since 2015, we realised that everyone starts with a big vision but it becomes a hassle to manage this program. Only a few major players like the Marriot Rewards, Airmiles in canada, Nectar in UK were able to have a household penetration level upto 80%. So, our proposition is how to enable new and existing brands to give value to their customers and it should be a value addition for them too.”

He further added, “As the Rewards Ecosystem is bound to geography, it becomes more challenging for Brands to audit and track cross border redemption.”

Codemojo says they find these problems can be addressed when borderless Rewarding and Redemption are brought into the system.

Adopting Blockchain to Mobilize Unredeemed Reward Points

Codemojo, PayPal and CIO Angel Investor network backed technology startup, has been serving close to 6Mn users every month across 2000+ publishers by partnering with 100 plus premium brands across their existing Rewards Network, now aims to bring borderless rewarding ecosystem by replacing their existing wallet-based architecture with decentralized Blockchain ledger, backed by its own cryptocurrency called ALLOY. With REPAC (Real-time Points Adoption and Conversion) technology, the local fiat transactions between parties will be enabled to foster frictionless environment for all the stakeholders, thus making cross border rewarding and redemption possible with a simple integration of a mobile app.

A user with Reward points from various Reward Programs, now will be able to redeem his points anywhere in the world across any Local Brand using ALLOY app. All that he needs to do is to simply Download ALLOY app → Sign up → Link all his Reward Programs. On linking, the consumer will be able to view his collated Reward points as a single value in their local currency, which in turn can be redeemed across partnered brands in the Global Rewards Network.

When asked about this, the CTO Shoaib Mohammed said:

“With ALLOY, our aim is to bridge the $360bn gap between Virtual Currencies and Real World Merchandise & Services. ALLOY will be a single secure & easy-to-use platform that provides a hassle-free environment for consumers to Collate, Combine and Redeem the scattered reward points of various reward programs against an extensive catalog of products and services of their choice. For brands and publishers, this will serve as an interface to engage and reward their audience, enabling frictionless redemption.”

Having built on top of Ethereum, Rewards network will use smart contracts to facilitate click & configure partnerships between brands, which in the traditional way would have required a lot of handshakes & paperwork.

Codemojo plans to raise upto 86,956 ETH i.e. $25 mn from the main ICO and somewhere close to $3 mn in Pre ICO planned on October 15 this year. Based on the current market price of Ethereum, one ETH equals 575 ALLOYS. According to their Roadmap, the Alpha version of ALLOY app will be ready to be rolled out during the first quarter of 2018. By second quarter of 2018, Codemojo plans to expand ALLOY across Japan, Korea, Brazil and other countries and development.

Harnessing Blockchain technology, Codemojo say they are now now set to disrupt the colossal customer engagement and rewards market by mobilizing the 48 trillion unredeemed Reward Points.

Interested to know more about ALLOY? Then check out their Website and Whitepaper.

  • US SEC Goes Charges ICO Businessman For Defrauding Investors – October 1, 2017
  • Pre-ICO Launch: HireMatch Offers Solution to Expedite Recruitment Process – October 1, 2017
  • STK Global Payments Announces The STK Token, Providing Instant Cryptocurrency Payments At Point Of Sale – October 1, 2017
  • ICO Regulation News Accelerating – Analysis – October 1, 2017
  • Streamr, The Decentralized Real-Time Data Economy, Successfully Reaches 5 Million CHF Pre-Sale Cap in 25 Minutes – October 1, 2017
  • BitClave Announces Partnership with Bancor – October 1, 2017
  • Clicktopurchase Adds Blockchain to Established Property Purchasing Platform – October 1, 2017
  • Former White House CIO Joins COBINHOOD as Strategic Advisor – October 1, 2017
  • Steemit Introduces New Way To Monetize Media And Publishers – October 1, 2017
  • Etch ICO Wants to Revolutionise Payroll Platform – Boosted by KPMG Collaboration – October 1, 2017
  • DMarket Announces Second Phase of Token Sale – October 1, 2017
  • DECENT Wins Big at the Central European Startup Awards – October 1, 2017
  • Massively Distributed EOS-derived Blockchain XenonNetwork to Begin Token Distribution – October 1, 2017
  • modum.io AG appoints Simon Dössegger as CEO – October 1, 2017
  • INS Aims To Put Grocery Shopping On Blockchain, Announces Unilever Expressed Interest And ICO Dates – October 1, 2017
  • Coinloan Provides Money Secured On Cryptocurrency – Launching Token Sale – October 1, 2017
  • Verisart And Avant Arte Partner To Provide Digital Certificates Of Authenticity To Artists And Collectors Worldwide – October 1, 2017
  • Goodwill Protocol Ico Looks To Fix Current Broken Economic System Through A Digital Economy That Operates On Human Goodwill – October 1, 2017
  • Accenture Joins Hashed Health Blockchain Consortium to Develop and Implement Healthcare Industry Use Cases – October 1, 2017
  • Polymath Unveils Stacked Board of Advisors, First Token Issuers & a ‘GitHub for Lawyers’ – October 1, 2017
  • DECENT and Venaco Group Create a New Blockchain Joint Venture, Equidato Technologies AG – October 1, 2017
  • BankEx, the Decentralized Bank-as-a-Service Exchange, Welcomes Stanford and Maryland Academics as Advisors – September 30, 2017
  • Earth Token Wants to Save the Planet – September 29, 2017
  • Change Healthcare Introduces Enterprise Blockchain For Healthcare – September 29, 2017
  • Helperbit enables Bank Card donations with Blockchain traceability – September 29, 2017
  • South Korea Bans Initial Coin Offerings – Plans to Crack Down on Trading – September 29, 2017
  • Australian Regulators Vow to Work with Industry for ICOs – September 29, 2017
  • ICO Market Transformed by ATS Security Token Joint Venture Forged by tZERO, RenGen and the Argon Group – September 27, 2017
  • Backed by the Founder of Mozilla and CEO of Brave, SPiCE VC Is Launching A Fully Regulated Blockchain VC – September 27, 2017
  • Spectral And Alliander Launch Blockchain-based Renewable Energy Sharing Token – September 27, 2017
  • Munchee Announces The First Decentralized Food Review And Social Platform – September 27, 2017
  • Shapeshift rival, Flyp.me launches accountless crypto exchange with 169 trading pairs and 50% profit sharing – September 27, 2017
  • Oldham-based Energi Mine set to become first UK business outside London to raise funds through a Token Sale – September 27, 2017
  • Snip Partners with Bancor and Matchpool After Extremely Successful Presale Campaign – September 27, 2017
  • A new player enters the field of cryptocurrency marketplaces in October 2017 – September 27, 2017
  • Unikrn Raised $15 Million in Token Pre-Sale for esports Cryptocurrency From Mark Cuban, Blockchain Capital, Pantera Capital, CoinCircle and More – September 27, 2017
  • AB-CHAIN’s Cryptocurrency Makes Advertising Easy – September 25, 2017
  • Gibraltar Jumps on Regulatory Bandwagon – Issues Consumer Warning on ICOs – Token Sales – But Gives Green Light – September 24, 2017
  • From the Creator of ICOs – J.R. Willett Designs Uptoken – To Accelerate Expansion Of Global Crypto ATM Network – September 23, 2017
  • Art Provenance Platform ARTEX Launching Token Sale – September 23, 2017
  • Students Train for Blockchain Jobs at Coding and Cryptocurrencies Summer Course in Greece – September 23, 2017
  • Central Banks are Trialling Blockchain, Cambridge Study Shows – September 23, 2017
  • Blockchain Conquering Esports Industry – September 22, 2017
  • Russian-based Startup LavkaLavka Plan to Disrupt Global Eco Farming and Organic Food Retail Sector with BioCoin – September 22, 2017
  • Slack Out, Rocket.chat In – Blockchain Community Leaders Aragon Lead Industry Exodus Amid Marked Increase In Phishing Scams – September 22, 2017
  • Swiss Supply Chain Startup AMBROSUS Launches Token Generation Event – September 22, 2017
  • Codemojo (Backed by PayPal Incubator) is launching its ICO to Mobilize $360 Bn worth of Reward Points Globally – September 22, 2017
  • Investment into Blockchain start-ups set to hit $3bn in 2017 – September 22, 2017
  • Opporty Announces ICO and Token Sale Starting October 18th 2017 – September 21, 2017
  • Medicalchain To Speak At The Upcoming Financial Times Digital Health Summit On Oct. 12, 2017 – September 21, 2017

View All Articles

advertisement