Chain of Points, a new blockchain-based loyalty platform, today announced its upcoming token offering sale, which will begin on February 9 2017 and run until March 9. The Toronto-based startup’s new cryptocurrency, called Points, can be used to transfer and redeem loyalty rewards between merchants and customers.

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Irene Katzela, PhD and CEO of Chain of Points, said: “Over 50% of loyalty-accumulated rewards are never redeemed and overall interest in these programs among the younger generations is low and decreasing. A multibillion dollar rewards-oriented industry is shrinking fast. Chain of Points is the best solution for merchants and customers; it is easy to understand, and can be implemented in a matter of minutes. To meet the demands of industry, we have built our own blockchain and have developed a stable and scalable solution that benefits the merchants and their customers.”

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The developers explain that the platform is designed to allow small and home business owners to focus on their main operations and create a loyalty program through easy-to-use-technology. A robust API also makes Chain of Points compatible with more sophisticated workflows, making it beneficial for medium to large businesses as well.

“Chain of Points solves a large problem many merchants face: how to encourage customers to actively participate in rewards programs,” said Shidan Gouran, President of Gulf Pearl Limited and an investor in Chain of Points. “We need to move away from traditional loyalty programs, and cater to the younger, digital generation. Millennials have a peer-to-peer mindset that puts a greater value on self-regulation and sharing.”