Lenny Moon has spoken for his company that seeks to upend the frequent flyer programs’ conventional model. The newly-appointed chief executive officer of aviation startup FlyCoin gave details about his firm’s cryptocurrency-based solution for the travel industry.
We find this latest report worthy of sharing with our readers. We think it lucidly demonstrates the increased acceptance of cryptocurrencies by various businesses.
According to the news posted online by Business Insider, which delivers international technology, finance, media, and market updates, FlyCoin is a new financial technology firm.
It intends to implement virtual currency-based principles to upgrade the traditional frequent flyer program model. Furthermore, FlyCoin lets travelers earn crypto-tokens simply by flying.
The FinTech startup offers rewards in the form of cryptocurrencies which users can trade for Bitcoin, US dollars, and free flights. The startup Moon helms is moving away from the conventional practice of airline miles being limited to utilize on a given airline.
Moon explained what makes FlyCoin’s offering different from standard frequent flyer programs, remarking that the latter is essentially similar to money. However, he explained that the traditional frequent flyer programs bind airline customers, ensuring that they stay with the airline firm’s system.
FlyCoin’s CEO remarked that such is the conventional setup of the billion-dollar frequent flyer business. Moon added that it is where customer loyalty is built via miles, points, and perks for top spenders, including streamlined airport experiences, upgrades, and waived service charges.
On the other hand, with FlyCoin, investors can earn virtual currency in the same manner frequent flyers accrue airline miles, which are by traveling the world and purchasing airline tickets. Moon also mentioned that the FlyCoin cryptocurrency does not expire.
He relayed that this virtual asset will not get subjected to devaluations happening to frequent flyer programs, thanks to the crypto-asset principles of finite supply and decentralization.
Furthermore, earning FlyCoins by merely taking flights can be a risk-free method of building up a cryptocurrency portfolio for frequent flyers. We want to commend Mr. Moon and FlyCoin.
We agree that they are revolutionizing the frequent flyer program massively by adopting cryptocurrency usage. We want to inform our readers to monitor this development, especially frequent flyers.
After all, we gathered that cryptocurrency market analysts believe Bitcoin can hit as much as US$100,000 by next year. Thus, we think participating in the FlyCoin program can make flyers sit on a sizeable and worthwhile investment.
We also think FlyCoin’s offering is another good example showing the increasing instances of cryptocurrency usage in various sectors. Virtual assets are, indeed, riding a wave of growing public and international acceptance and enthusiasm.
We believe these crypto-assets can help in FlyCoin’s success. Plus, we think using cryptocurrencies can tremendously enhance frequent flyers’ experiences to a great extent.