Fly Coin – a digital currency travel rewards company – has raised more than $30 million through a new seed funding round.
Fly Coin Raises $33 Million
Fly Coin allows regular travelers to garner crypto-based rewards for all their travel habits. Whether they are checking into hotels, purchasing airline tickets, renting cars, or paying for carry-ons, they can garner these rewards granted they utilize Fly Coin every time they make a travel move. They are paid in the company’s newly minted token FLY, and these rewards never expire. They appreciate when they are not used, and they are easily transferable into other gifts and rewards.
Josh Jones – an entrepreneur and bitcoin pioneer in the city of Los Angeles, CA – led the funding round. In an interview, he stated:
The travel and rewards industry will exceed $1.4 trillion by 2023. With figures like those, it’s time to bring smarter rewards to the people who make the industry as successful as it is: the travelers. Fly Coin is the next generation of digital rewards, and the evolution of a decades-old industry; one that is past due for a digital transformation.
Jones is best known for creating Bitcoin Builder in 2012. He is currently the board chairman and anchor investor of Fly Coin, and he is overseeing the development of the company’s technology platform. Other companies or individuals to take part in the seed funding round included Michael Blend (the CEO and co-founder of System1), Bill Foley (chairman of Fidelity National Financial), 8VC, and Liquid 2.
Lenny Moon – the CEO of Fly Coin – stated:
The rewards and benefits industry, across verticals, has remained stagnant and limited with how it has been rewarding customer loyalty until today. Fly Coin is progressing the industry forward by rewarding customers with a cryptocurrency where the issuer cannot dictate the rules of expiration or intentionally depreciate its value. We are grateful for the engaged support from our investor base. We plan to aggressively build out the platform and secure additional partners to start growing the FLY ecosystem.
Tom Hsieh – the firm’s co-founder and president – also threw his two cents into the mix, commenting:
At Fly Coin, we’re transforming the loyalty and rewards space with ‘crypto-as-a-service’ and a SaaS solution for easy implementation.
Building a New Travel Rewards Company Through ETH
Partners of the travel enterprise include Ravn Alaska and Northern Pacific Airways. The former is a regional airline that operates flights strictly within the Last Frontier, and all customers that book flights through the airline are eligible to receive Fly Coin rewards. While FLY is presently not tradeable on any cryptocurrency exchanges, executive say they are looking to change this at some point during 2022.
FLY tokens currently have a limited supply of 100 billion units and are minted on the ETH blockchain using the ERC-20 protocol.