Swiss-based cold coffee manufacturer Lattesso has introduced the Crypto Valley’s first loyalty token, the lattessocoin, presenting the first proof of concept of the industry, said a press release CoinReport received from qiibee’s PR company, Wachsman. The unveiling took place at the Blockchain Summit in Zug.
Lattessocoin is built on the qiibee system, a dedicated platform for loyalty programs on the Ethereum blockchain. From the end of the month (May), each cup of Lattesso will come with a code that makes customers eligible for free lattessocoins, which are kept on the blockchain and can be obtained via a user-friendly web application with no restrictions, conditions or expiration dates.
Lattesso CEO Erich Kienle described the partnership as a “pioneering achievement,” saying in the press release we received, “We are very pleased to present this world-first in Zug’s Crypto Valley, the worldwide blockchain hotspot.”
Lattesso said by adopting blockchain technology to power its customer loyalty program, it wishes to make the token benefits accessible to the public. As opposed to conventional loyalty programs, the lattessocoin joins a split market, increases its productivities and removes the central data authority by being on the blockchain.
Qiibee co-founder and CEO Gabriele Giancola commented, “Customers worldwide are familiar with air mile programs and loyalty points, and although these are important practices for retailers and brands, customers are limited and restricted in how they can utilize their points and rewards. Now Lattesso customers will be able to exchange their loyalty points for cryptocurrencies from their smartphones.”
Since coins from all qiibee partners are exchangeable, Lattesso customers will be able to exchange their loyalty points not only for coffee, but also take advantage of several other offers in the future. Customers will also be able to exchange their coins for fiat.
Digital currencies and coins, including lattessocoins, are also freely tradeable, with demand setting the price.