Fida Partners with Venly to Enable Brands To Issue Their Own Loyalty Tokens
“A token is the 21st-century version of a loyalty point.”
Fida is a new project by Coras that enables brands to issue their own loyalty tokens based on customers purchasing goods and services.
Loyalty is the perfect onboarding product for consumers into Web3 as it is a better version of a product they already understand.
The killer feature for consumers of tokens versus points is instant liquidity so tokens can be converted into another token or stablecoin and used to pay for goods and services.
The benefits of decentralized loyalty tokens over centralized loyalty points for consumers include interoperability, transferability, and tokens that don’t expire.
Before Fida, it has been expensive for brands to set up and run a loyalty program. Now with Fida as the infrastructure for issuing and redemption, the barrier to operating a loyalty program will just be to issue their own token.
Both Fida and Venly are focussed on helping consumers more easily become Web3 users.
The partnership between Fida and Venly automates wallet creation and token allocation based on a customer’s purchases of goods and services. With both Starbucks and Mercado Libre recently announcing Web3 loyalty initiatives it is expected that every major brand will follow.
Fida’s vision is to create the rails for brands to issue their own tokens and for those tokens to be used for payment for goods and services as easily as cash. The end goal is to transform eCommerce so the customer journey begins not on Google or Amazon but in dApp purchasing.
Venly is also one of the supported wallets for the Fida dApp where consumers can swap their tokens and DeFi users can provide liquidity.
Fida is creating an on-ramp so brands can issue their own loyalty tokens that be used to pay for goods and services, meeting customers where they are without having to change their behaviour. The first token minted will be our Fida’s own token. https://www.fidaapp.io/
Fida will be at Token2049 in London this November.
Venly is a blockchain technology provider with over 2.8M end-users. It offers infrastructure solutions, ready-to-use products, and accelerator services for blockchain projects. The main developer tools are the Venly Wallet, Venly Market, Shopify app, and NFT APIs. UX is made with non-Web3 natives in mind which lowers the barrier for entry while the fiat to crypto onramp helps people frictionlessly interact with Web3.