Invigor Group Ltd (ASX:IVO) has a joint venture agreement with ChronoBank.io, a leading global blockchain company and plans to offer digital tokens which will be used in loyalty program the announcement was made on their blog post on 4th May 2018.
A digital token called Infinity will be introduced by Invigor Group Ltd with the collaboration of ChronoBank.io and would offer the tokens to retail consumers, brands and service providers.
The company is looking for local as well as international opportunities. This new venture aims to create a loyalty program wherein retailers have the ability to distribute Infinity tokens in supplementing already existing reward points.
A consumer would be free from dealing with multiple loyalty programs after the introduction of infinity tokens. It also allows an opportunity for the previously unused loyalty points to remain available.
Invigor Group and ChronoBank.io are going to uses their intellectual property and combined technology for the growth and adoption of Infinity tokens on a global scale.
Digital tokens are expected to replace the traditional loyalty programs in the near future and the company has had discussions with potential partners which are currently at an advanced stage and the rollout is expected this quarter.
Gary Cohen, the CEO of Invigor states: “Invigor’s unique loyalty solutions turn data into recommendations, which enables retailers, brands and service providers to engage customers in a personalized way to increase spend, frequency and lifetime value.”
According to Forbes: “The use of digital tokens in place of traditional loyalty programs will be a significant growth driver for blockchain technology and cryptocurrency.”