KeyoCoin, a technology company, will launch the world's first universal travel rewards program developed on the blockchain, a cryptocurrency designed to work as a medium of exchange.
The company’s mission is to transfer power from the industry power players that broker the $8.27 trillion travel industry back to travelers and travel providers. The program will gamify the travel experience for more than 1.3 billion global travelers. KeyoCoin will allow hospitality, tour, and local experience providers, as well as merchants, the means to provide cryptocurrency rewards for purchases, or participating in Pokémon GO-style challenges while traveling.
Matt Baer, CEO and Founder of KeyoCoin, says, "The travel industry is no stranger to loyalty programs, but only airlines and large hotel chains have had the resources and reach to actually make them work for customers that are on the move. Even then, these programs are shackled by restrictions that make the rewards uninspiring to earn, a pain to manage, and frustrating to share or redeem.
"That's all about to change. Blockchain has the power to increase the efficiency, security, and universality of travel rewards, so they're no longer an afterthought at the checkout, but a reason to get up and explore the world. We're making them fun to earn and meaningful to spend, and in the process plan to bring rewards to life."
The company has already introduced KeyoPass, a live digital concierge, and travel booking app, called KeyoPass, which hosts 12,000 online tours, activities, and local experiences in four different US markets and six Latin American countries. Hotels are expected to be added soon. KeyoCoin will eventually oversee a suite of travel reward based blockchain apps.
Sarah Dandashy, Head of Travel and Hospitality for KeyoCoin, says, "The hospitality and tourism industry, now more than ever, is overflowing with innovative and unique travel experiences. These hidden gems are the exact experiences that today's travelers so eagerly want to have, and yet there has always been a gap in connecting local experience providers with travelers. 80% of this exciting market has yet to make it online, and those that have are largely at the mercy of online travel agencies that charge high commissions.
"I couldn't be more excited about bringing the world a solution that will not only empower independent travel businesses to cultivate their own crypto-enhanced customer experiences through our online marketplace but in so doing, create closer, more rewarding, relationships between travelers and providers."
The KeyoCoin (KEYO), will be one of the few Ethereum-based utility tokens to have value in the real world when it’s launched. Travelers will be able to redeem KeyoCoins for accommodation, tours, and activities, as well as to tip travel staff, or give gifts to friends and family going on trips.