Blockchain firm partners with Grab on rewards

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LOCAL blockchain company LoyalCoin said it has partnered with Grab Philippines (MyTaxi.PH, Inc.) to allow riders to pay for their trips through a crypto digital wallet called LoyalWallet.

In a statement on Sept. 12 distributed to the press on Monday, LoyalCoin said the team up would enable users of LoyalWallet to use LoyalCoin as discounts for their Grab rides, which ranges from P50 to P100.

“[T]he LoyalWallet application is the primary consumer hub for earning and spending the digital asset and conversion to other currencies. LoyalWallet users can easily input the generated codes as promos before booking their Grab rides,” it said.

LoyalCoin Chief Executive Officer Patrick Paul Palacios said in the statement the partnership with Grab is a big help for the company in its goal to encourage a wider acceptance among Filipinos of blockchain technology.

“As the first Filipino company to launch a token generation event, our goal has always been to take our local roots to a global stage. We are continuously implementing customer-driven, and forward-looking strategies and choose strategic partnerships to share the benefits and our vision of a blockchain-powered loyalty economy worldwide,” he said.

Steven Martin Luchangco, Grab Philippines head for business, said the partnership enhances the ride-hailing company’s vision of offering its customers convenience in day-to-day transactions.

“Our partnership with LoyalCoin is highly aligned with our goal of bringing our consumers closer to the things that matter to them and providing services that support their everyday needs,” he was quoted as saying.

LoyalCoin is created by Appsolutely, Inc., a local company that offers blockchain development services to its clients for digital transactions. — Denise A. Valdez