The Problem

The first problem that we are trying to solve is the lack of accessibility and understanding of cryptocurrencies for the general public. Despite the growing popularity of cryptocurrencies and blockchain technology, many people still find it challenging to fully participate in this space. The barriers include a lack of knowledge, a confusing process of buying and storing crypto, limited use cases, and a steep learning curve that also requires risking funds.

The second problem is traditional loyalty programs. Customers often have to manage multiple loyalty cards or apps, each with its own separate point balances, expiration dates, and limited redemption options. This makes it difficult for customers to keep track of their rewards, and they often end up with point balances that are difficult to use and have little value. This makes the process of loyalty program participation complicated and also fails to drive customer loyalty, causing harm to retailers.

The majority of people take part in 15 loyalty programs but are only active in 7 of them. Furthermore, speaking of the Y and Z generation, they are not really taking part in point-based loyalty programs and if they are, a study shows that the Y generation would rather give their accumulated points to charities.

What do Millennials think about loyalty programs? According to a KPMG survey:

• 96% say companies should find new ways to reward loyal customers

• 69% agree that most schemes are too hard to join and/or earn rewards

• 81% say being a member encourages them to spend more with the company

• 61% prefer to donate their rewards to a good cause rather than redeem them personally

• 78% would switch to a company that offered a better program

• 55% feel they belong to too many loyalty programs

The already existing crypto cashback solutions are not user-friendly, they lack user engagement, and the process of receiving rewards is very slow. It should not take weeks to receive rewards, but minutes.