London-based blockchain loyalty startup, Koin Rewards, has announced its first round of seed funding.
The company, which provides a crypto token of utility, KOIN, where the value is defined by the popularity and engagement of its users to ensure increased engagement with merchants, has pulled in £350,000 from its founders, close associates and Nigel Wray, the Owner and Non-Exec Chairman of the current English Premiership rugby Champions Saracens FC.
Wray, who has to date predominantly invested in more ‘traditional’ companies, says: “Koin Rewards have an impressive management team with strong experience in the loyalty scheme market and their plans to reinvigorate it for the high demands of current consumers by creating a flexible and fluid scheme based on e-currency is very interesting and we are excited to be onboard.”
Koin Rewards’ CEO, Curt Hopkins, adds: “We are extremely pleased with our first round of seed funding and specially to have such a great entrepreneur as Nigel backing our business model and vision.”
“It is our mission to turn shoppers into loyal customers whilst giving retailers a way to differentiate using crypto tokens. These are exciting times for Koin and its team as we use the seed funding to finalise our product development, prototype and to sign up the Alpha Coalition, the company’s partnering merchants, retailers and brands.”
Koin Rewards’ ICO will be launched after retailers and customers are generating demand for KOIN. To achieve this, it is building a new retail loyalty programme based on the demands and needs of its Alpha Coalition and customers. It will launch its product in Q1 2019.