- FlyCoin reward programme for its frequent flyers kicks off
- Flyers will receive crypto tokens rather than airline miles
- These rewards will be transferable to other cryptocurrencies
Cryptocurrency is getting popular day by day and grabbing the attention of the aviation industry too. Confused! Well FlyCoin, a cryptocurrency exchange and vendor merchant will be rewarding frequent flyers with crypto tokens rather than air miles. So, earning cryptocurrency may soon become easy like earning airline frequent flyer miles.
As per the new offerings, the rewards will be given to frequent flyers that will be transferable to other cryptocurrencies and be used for other purposes. The company is seeking to upend the traditional model of frequent flyer programs by introducing cryptocurrency-based principles.
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It would enable the airline customers to gain greater value from their rewards programmes, while ordinarily allowing them to swap air miles for specific airline-related transactions. The rewards given in the form of tokens will be exchanged for anything from free flights to US dollars to Bitcoin.
Two airlines have signed up for the FlyCoin rewards programme. They are Ravn Alaska and Northern Pacific Airways and plans are already in place to expand to Alaska and Asia. Since Ravn Alaska is a startup, it aims to connect the US and Asia through Anchorage, Alaska.
Reward scheme of Bitcoin
Speaking about the latest move, which will enable the tokens to be exchanged for anything, from free flights to Bitcoin, Lenny Moon, FlyCoin’s newly appointed Chief Executive Officer said that when one looks at what it is currently, it is like money but it is not really, because it is tied to making sure that you stay within the system of the airline.
Moon further revealed that once tokenized investors would be able to earn cryptocurrency in the equal manner that common flyers accrue airline miles: shopping for airline tickets and journeying the globe. These coins will now no longer have any expiry date and additionally they won’t be affected by the identical devaluations which have affected other, famous common flyer programmes.
Therefore, for frequent flyers earning FlyCoins simply by taking flights would become a simpler and risk-free way to build up a cryptocurrency portfolio. The reward scheme permits passengers to get a valuable, transferable, risk-loose asset in cryptocurrency, as they travel. Since bitcoin is anticipated to hit the $100,000 mark via means of 2022, the FlyCoin providing should offer clients a tangible and tempting funding opportunity.