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Invigor Group teams with blockchain player to monetise loyalty programs

The company's shares closed about 14% higher today, at 0.8 cents.

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Digital tokens for use in loyalty programs

Invigor Group Ltd (ASX:IVO) has entered into a joint venture agreement with ChronoBank.io, a leading global blockchain enterprise, to offer digital tokens for use in loyalty programs.

The company will collaborate with ChronoBank.io to introduce Infinity, a digital token for customers of retailers, brands and service providers.

Aiming to unlock local and international opportunities

The joint venture aims to create a ubiquitous loyalty program in which retailers will have the ability to distribute Infinity digital tokens in lieu of or supplementing existing rewards points.

For the consumer, the introduction of Infinity tokens is expected to simplify the pain of dealing with multiple loyalty programs.

Moreover, it allows loyalty points which previously would have been unused to remain available and widely exchanged.

Invigor and ChronoBank.io are aiming to use their combined technology and intellectual property to accelerate the adoption of Infinity digital tokens on a global scale.

Digital tokens expected to take the place of traditional loyalty programs

Discussions with potential uptake partners are at an advanced stage, with the rollout expected this quarter.

Invigor chief executive officer Gary Cohen said: “Invigor’s unique loyalty solutions turn data into recommendations, which enables retailers, brands and service providers to engage customers in a personalised way to increase spend, frequency and lifetime value.

“According to Forbes, the use of digital tokens in place of traditional loyalty programs will be a significant growth driver for blockchain technology and cryptocurrency.”

Quick facts: Invigor Group

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ASX:IVO
Market: ASX
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