Token exchange PointSwap announced a partnership with software-as-a-service (SaaS) retail solutions giant e-commerce and online-offline (OMO) one-stop-shop merge 91APP at the event Token 2049. PointSwap will build the largest Web3 loyalty points exchange program with its partners. As a strategic web2 partner of PointSwap, 91APP is the leading provider of omnichannel retail solutions in Taiwan, Hong Kong and Malaysia. Its platform includes consumer brands such as Philips, 3M, Timberland, The North Face and MAKE UP FOR EVER. As PointSwap’s strategic Web3 partner, ThunderCore will offer its expertise in core blockchain technology.
What is PointSwap
PointSwap is building a trustless protocol and mobile app that allows loyalty points to be freely exchanged on-chain and exchanged off-chain, said PointSwap CEO Cheryl Chueh. Consumers can easily manage their assets in loyalty points programs with a familiar e-commerce platform interface. By equipping Web2 loyalty points programs with Web3 ownership concepts, brands can keep existing customers coming back and attract new customers, which increases customer lifetime value and lowers the cost of customer acquisition.
Bringing DeFi to Loyalty Points Programs and E-Commerce
Many projects have attempted to build technological solutions to the problem of redeeming loyalty points. A stumbling block is the difficulty of negotiating the exchange rate between different programs and brands. It’s nearly impossible to get all brands to agree on a fair exchange rate and keep it up to date with market conditions. With the automated market maker (AMM) mechanism frequently used in decentralized finance (DeFi), supply and demand will automatically determine the relative prices of participants. What was difficult in Web2 could be solved using Web3 technologies.
Be the Consumer Portal to Web3 Commerce and the Crypto Exit Ramp
People’s daily consumption is the foundation of the economy. PointSwap’s strategy is to be the Web2.5 portal that leads consumers to Web3 commerce, Chueh said. By allowing cryptocurrencies to be converted into loyalty points, PointSwap will act as a crypto exit ramp with real utility. The platform will further optimize the Web2 user experience to maximize user adoption of Web3 technologies, and then implement core concepts such as AMM, DeFi, and decentralized ID into consumers’ daily lives and will deploy them step by step. PointSwap calls on all interested brands to join the platform and together revolutionize Web3 commerce.
PointSwap is a Web3 loyalty points exchange leveraging DeFi (AMM) technology to solve the loyalty point pricing problem. PointSwap will have launched its product by the end of 2022.
91APP is the first OMO SaaS company to provide one-stop omnichannel retail solutions, operating in Taiwan, Hong Kong and Malaysia.
ThunderCore is a powerful, lightning-fast Web3 ecosystem and Layer-1 chain that delivers elite performance and cost-effective scalability for thousands of crypto projects.
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