The PointSwap token exchange announced a partnership with one-stop e-commerce and online-merge-offline (OMO) software-as-a-service (SaaS) retail solution giant 91APP at the Token 2049 event. PoinSwap will build the largest Web3 loyalty points exchange program with its partners. As the strategic Web2 partner of PointSwap, 91APP is the leading omni-channel retail solutions provider in Taiwan, Hong Kong and Malaysia. Its platform boasts consumer brands, such as Philips, 3M, Timberland, The North Face and MAKE UP FOR EVER. As the strategic Web3 partner of PointSwap, ThunderCore will offer its expertise in core blockchain technology.
What is PointSwap
PointSwap is building a trustless protocol and mobile app that enable loyalty points to be freely traded on-chain and redeemed off-chain, said Cheryl Chueh, CEO of PointSwap. Consumers can painlessly manage their assets in loyalty points programs with a familiar e-commerce platform interface. By empowering Web2 loyalty points programs with Web3 ownership concepts, brands can incentivize existing customers to return and attract new customers, increasing the customer lifetime value and decreasing the customer acquisition cost.
Bringing DeFi to loyalty point programs and e-commerce
Many projects have tried to build technological solutions to the loyalty points exchange problem. One stumbling block is the difficulty of negotiating the exchange rate among different programs and brands. It’s almost impossible to have all brands agree on a fair rate of exchange and keep that updated with market conditions. With the automated market maker (AMM) mechanism frequently used in decentralized finance (DeFi), supply and demand will automatically determine the relative prices of the participants. What was difficult in Web2 could be solved using Web3 technologies.
Be the consumer portal to Web3 commerce and crypto off-ramp
People’s daily consumption is the foundation of the economy. PointSwap’s strategy is to be the Web2.5 portal that leads consumers to Web3 commerce, said Chueh. By allowing cryptocurrencies to be converted into loyalty points, PointSwap will act as a crypto off-ramp with real-world utility. The platform will further optimize the Web2 user experience to maximize user adoption of Web3 technologies, then implement foundational concepts like AMM, DeFi and decentralized ID in consumers’ daily lives and roll them out step by step. PointSwap calls on all interested brands to join the platform and revolutionize Web3 commerce together.
PointSwap is a Web3 loyalty point exchange leveraging DeFi technology (AMM) to solve the pricing problem of loyalty points. PointSwap will have launched its product by the end of 2022.
91APP is the first OMO SaaS company to provide one-stop omni-channel retail solutions, operating in Taiwan, Hong Kong and Malaysia.
ThunderCore is a powerful and ultra-fast Web3 ecosystem and layer-1 chain that delivers elite performance and cost-effective scalability for thousands of crypto projects.