South Korean travel company Yanolja, hit Unicorn status back in mid-2019 after a $180M funding round valued at $1 billion, has integrated a blockchain platform so that their rewards tokens can be exchanged for cryptocurrency.
The blockchain rewards platform with which Yanolja closed the partnership is MiL.k. The deal is for MiL.k to enable the non-crypto rewards currency Yanolja Coin to be exchanged with the Milk Coin (MLK), which is accepted for trading on crypto exchanges.
MLK Can Also Be Redeemed at Other Vendors
The good news is that the MLK can be redeemed at other vendors having the MiL.k crypto rewards platform integrated. These vendors are South Korea’s most popular car-sharing service, Delivery Car, and Seoul’s airport bus service, Seoul Airport Limousine. This means the rewards earned while riding the airport limousine can also be redeemed at other companies, turned into crypto, and sold on exchanges.
The head of international business at Milk Partners and Keyinside, Samuel Yun, said that mutual credibility is the rewards system’s benefit, seeing reward programs contain important information about a company, information on sales included.
He added that the MiL.k platform has all its transactions written on ledgers, also encrypted on the blockchain, which means companies don’t need to worry about their data being leaked.
Discounts to Be Offered
The rewards schemes of MiL.k tokens include all sorts of discounts too. Yun said that buying $9 worth of MLK can bring a purchasing power valued at $10, with the percentages increasing according to what MiL.k is offering at any given time. MLK’s value is pegged to the one of a fiat currency, so the won for South Korea. Buying MLK when the time is right can bring bigger rewards. Here are Yun’s exact words on this:
“If you choose to hold MLK for future value and use it later for bigger points, you can certainly do so.”
Those who bought MLK in February lost most of their discounts. When launched, MLK had a value of $1.51, but now its price went down to $0.22, says the metrics site CoinGecko.