We are pleased to announce that Invigor has partnered with ChronoBank.io, one of the leading global blockchain enterprises, to offer retailers, brands and service providers internationally the ability to drive additional revenue through cryptocurrency.
The Joint Venture (JV)
Under the JV, Invigor will collaborate with ChronoBank.io to introduce ‘Infinity’, a digital token which will be earned from purchases or services. Infinity will be used alongside current rewards programs, enabling interchangeability between businesses and consumers respectively.
The JV aims to create a ubiquitous loyalty program in which retailers will have the ability to distribute Infinity digital tokens in lieu of or supplementing existing rewards points. Furthermore, the JV plans to offer an exchange where loyalty points can be exchanged for additional Infinity digital tokens.
Initially, the JV will focus on the retail and services industries. These are core strategic verticals for both Invigor and ChronoBank.io, in which combined technology and intellectual property will enable and accelerate the adoption of Infinity digital tokens on a global scale.
We believe that enabling loyalty points to be exchanged for Infinity digital tokens provides a significant market opportunity for monetisation, as well as potential expansion into key international markets where loyalty is in its early stages of evolution.
We are also pleased to advise that we are in advanced discussions with parties to rollout an Infinity digital wallet containing Infinity tokens which can then be used to purchase goods and services. More details regarding this are in the Appendix.
The JV will share the revenue from the fees and commissions generated with the Infinity Token on a 50.50 basis which is expected to be material. Monetisation will occur through fees and commissions based on the use of the Infinity tokens. More detail is set out in the Appendix to the release.
The Benefits of Infinity Digital Tokens
Infinity tokens are proposed to be used in a wide range of outlets globally for seamless and reliable transactions. The Infinity digital tokens will be able to be used across multiple channels, opposed to current rewards offerings.
The Infinity tokens will provide numerous benefits to both the retailer and consumer alike.
For the consumer, the introduction of Infinity tokens simplifies the pain and administration of dealing with multiple loyalty programs. As well, it enables loyalty points which previously would have been unused and expired to remain available and widely exchanged.
This innovation offers an easy to use digital token which enables the retailers to maintain and track the use of loyalty points. Secondly, it allows the retailer to track and understand its customer base more readily.
Blockchain technology will provide a secure and safe environment to track the ownership and use of the loyalty points and the issue of these tokens potentially lowers the cost of loyalty away from the issuer and into the market.
ChronoBank.io has a stated aim of disrupting the human resources and recruitment industry by tokenising labour hours and employment using blockchain-based technology. This led recruiting and payment for services being provided through tokenising labour units, making digital time accessible to businesses and workers. ChronoBank.io allows both companies and labour to not only interact, but also successfully transact without the need for banks or traditional financial institutions.
ChronoBank.io’s CEO Sergei Sergienko is an entrepreneur and expert in blockchain technology. He founded LaborX in 2016. He is a leading figure in the digital business community and has a strong focus to bringing distributed ledger technology into traditional business models. He currently is on several Australian and International Government advisory boards.
Invigor CEO Gary Cohen said: “Today, businesses’ power to effectively manage, action and own data is limited by the thousands of different loyalty and points issuance programs available in the market.
“Invigor’s unique Loyalty solutions turn data into recommendations, which enables retailers, brands and service providers to engage customers in a personalised way to increase spend, frequency and lifetime value.
“The use of blockchain technology particularly to create a token that can be traded safely and securely between businesses and consumers will be more highly valued than the individual loyalty points that are currently being offered by most loyalty programs.
“According to Forbes, the use of digital tokens in loyalty programs is soon to be the biggest growth market for distributed ledger technology through digital tokens. The Company intends to capitalise on this growth with the JV and the Infinity digital token.”
To sum it up:
*Invigor and ChronoBank.io to deliver “Infinity” digital tokens for use in loyalty programs
*Purpose of JV is to implement a distributed ledger token to replace existing loyalty programs
*Substantial benefits include optimising loyalty programs where unused loyalty points do not expire and can be widely exchanged
*ChronoBank.io is one of the world’s leading blockchain enterprises
*ChronoBank.io is at forefront using blockchain with digital tokens for the labour industry
*The JV will unlock local and international opportunities based on expertise and experience in blockchain and loyalty
*Discussions with potential uptake partners at an advanced stage– rollout expected this quarter
*Monetisation based on transactions undertaken using Infinity digital tokens expected to be material
*The issue of the Infinity Token is not an ICO and is not a capital raising
See more details on the appendix.
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