The discount airline AirAsia is considering the implementation of ICOs in order to procure new capital for the development of a platform. Furthermore, a company could replace its own crypto-currency the customer loyalty program.
AirAsia is a Malaysian low-cost airline headquartered in Kuala Lumpur, which offers both national as well as international destinations. Although the airline was founded in 1993, is risen to become the largest discount airline in Asia. The annual turnover amounted to nearly US $ 7 billion in 2016, approximately 26 million passengers were transported.
Both the company itself, as well as, in particular, the CEO, Tony Fernandes, are considered to be very tech-savvy and open-minded for new innovations. Since at the present time, new capital brought in must be and Fernandes followed for some time the crypto market and block chain technology could bring to the company a ICO into consideration.
At the Money2020 conference in Singapore, he stated that he sees great potential in the implementation of ICOs, and crypto-currencies:
We have two things that are very interesting which will have relevance to ICOs, one is our loyalty card where we have [a loyalty program] and the BIG Points, and I think those Bigpoint’s can be easily transferred to the blockchain.
An ICO is not only new financial resources could be collected. In addition, the introduction of a private crypto-currency, which is associated with the customer loyalty program of the Airline is a conceivable possibility.
Compared to Techcrunch Fernandes goes further into Detail and describes the use of a own crypto currency within the company:
We have a product that can be a currency in a Big Loyalty, [and] we’re building a payment platform, so the two can marry quite nicely. We have an ecosystem that enables you to use that currency, there’s no point having a currency that can’t be used.
The world is changing so fast but I think we have the ability to innovate and think quickly on these things but the ideas are based on our data and based on our ecosystem.
The possibility to obtain a ICO new funding will be used by more and more companies. As we already reported, has been able to collect, the messenger platform Telegram in the first round of the ICOs about $ 850 million.
Companies such as Uber or Rakuten are also in the development of a cryptocurrency for the optimization of the transaction processing to the market.
To this list we could run any more. Want to we will show that the bad reputation of ICOs in the Public domain prevents not large established firms from this path and to seize the opportunities of the Blockchain-technological.
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