CausePlay, a leading customer engagement solutions provider, has announced its initiative to embrace blockchain technology. The company, under its “ThirtyThree.8” brand, is currently working on a distributed ledger based loyalty and rewards platform, which will be powered by its own cryptocurrency. The platform, built over Ethereum protocol will allow CausePlay to offer a universal rebate and coupon issuance and redemption infrastructure to clients across the world.
In order to fund the project, CausePlay has organized a crowdsale involving its native Virtual Cash Back (VCB) tokens. The three-month long ICO campaign went live on July 20, 2017, offering an opportunity for investors and cryptocurrency community members to become part of an exciting project. The Virtual Cash Back tokens can be purchased against ETH payments, made to the token contract available on the platform’s website.
Those buying the tokens during the crowdsale will soon be able to use them to avail special offers, take part in contests, make a purchase and even redeem it later for cash. The VCB token economy will go live during Q4 2017. Once launched, the community members will be able to earn VCB tokens every time they shop. They also stand to receive bonus value on select brands and products, making shopping much more exciting as well as rewarding at the same time. Like any other cryptocurrency, VCB can be easily transferred between wallets.
CausePlay’s VCB driven ThirtyThree.8 platform is targeting the global coupon and rebate market, which is valued approximately at $20 billion per year. The industry segment is faced with many challenges, including coupon and rebate fraud and lack of infrastructure to reach the unbanked population. The blockchain based infrastructure can easily solve these issues by helping companies tackle the annual $600 million coupons and rebate fraud and bring the unbanked population under the blanket of loyalty programs.
In the United States alone, at least 27 million people are unbanked. While these people aren’t part of the conventional banking ecosystem, they represent a spending potential of about $1 trillion per year. CausePlay’s ThirtyThree.8 can make it possible for brands to serve these neglected, highly valuable consumers by providing them with a secure and private method of value exchange that doesn’t involve banks. By doing so, brands can easily expand their customer base which will translate to increased profits.
As CausePlay explores the unlimited possibilities of blockchain technology, interested investors can take part in the ongoing ICO by visiting the website.