Fintech startup FlyCoin has announced a new blockchain-based travel rewards programme.
The startup is hoping to transform frequent flyer programmes by offering cryptocurrency as a reward, leading to improved flexibility in how the customer redeems their rewards.
“The traditional world of travel rewards programmes is ripe for change. FlyCoin will provide consumers with a rewards programme where the benefits are open and less confined,” said newly appointed CEO of FlyCoin, Lenny Moon.
“A cryptocurrency is the medium to reward our loyal customers for traveler participation, but not force their loyalty by constraining how they choose to redeem those rewards. I am excited to lead FlyCoin as we help provide a more customer-centric approach to travel rewards programmes.”
Rather than receiving miles that can only be redeemed on specific airlines, FlyCoin tokens can be exchanged for free flights or exchanged for other currencies. The company said leveraging the democratic and decentralised nature of cryptocurrencies would improve passenger faith in the rewards offered and thus increase loyalty.
“Consumers deserve a better rewards point system, and the time is now,” said FlyCoin founder and chairperson, Josh Jones. “Our mission is to empower travelers with a crypto-backed rewards system. Its open protocol and finite supply of tokens takes power from the airlines and puts it right into users’ wallets. Moon is the perfect person to accelerate our progress in this endeavor.
FlyCoin is said to launch with “numerous partners” in 2022, with airline Ravn Alaska currently participating and Northern Pacific Airways also signed up – both subsidiaries of FLOAT Alaska LLC alongside FlyCoin.
“Moon brings over two decades of experience in start-ups, venture capital, investment banking, and fintech,” said Tom Hsieh, president of FLOAT Alaska LLC. “He is an astute professional with strategic vision, financial clarity, and extraordinary operational acumen. With such extensive experience and expertise, Moon will accelerate the status quo of travel rewards programmes.”