What if Starbucks sent you cryptocurrencies each time you walked past their store? This is the vision of blockchain startup GATCOIN Founder & CEO Simon Cheong.
GATCOIN, a distributed retail shopping platform operating on high-speed super large ledger technology will allow retailers to issue their own cryptocurrencies to consumers to replace traditional discount coupons, loyalty points, and gift vouchers. Cryptocurrencies will then be used to buy products or can be traded by holders of other retail currencies or cash on GATCOIN’s cryptocurrency exchange.
“Targeted airdrops give companies pin-point accuracy when distributing cryptocurrencies,” said Mr. Cheong. “They can bring people into stores, recruit new customers, and trigger more sales.”
“Targeted airdrops brings a completely new dimension to the crypto space,” Cheong added. “Retailers could, for example, run ‘treasure hunts’ and become the new Pokemon-Go of crypto.”
The new airdrop technology allows retailers to target audiences by demographic, spending preferences and geo-location.
“Businesses can literally drop real money within a 1-mile radius of any store. People can spread and share the news of targeted A-Drops™ for rewards.”
The GAT Coin is a new ERC-20 cryptocurrency token that will be launched on the Ethereum main network.
GAT Coin is part of a broader enterprise system (GAT System) for global merchants to issue their own branded digital tokens (Merchant Tokens). The GAT System will enable enterprises to issue digital tokens to a mass consumer audience with minimal set-up, allowing them to quickly adopt token usage as part of their overall marketing strategy.
The GAT (an acronym for Global Awards Token) will be the exclusive currency of exchange for the trade of Merchant Tokens on the GAT Exchange.
“The promise of mobile marketing is realized by blockchain technology to enable retailers to offer a much more powerful incentive for people to join and adhere to their loyalty programs. This is the future of marketing and loyalty programs,” said Mr. Cheong.
GATCOIN will launch in 2018 with SK Planet Japan’s retail network of over 60,000 stores in Asia.