Blockchain-based token platform Waves has announced a collaboration with Indonesian counterpart Tokenomy to tap opportunities in the Southeast Asian token market, which it said in a blog post is worth $1 billion.
The partnership with Tokenomy will allow the tokenization of loyalty points issued by merchants and businesses in the region, and make these points interchangeable with hundreds or even thousands of merchants around the world.
“In this way, they can always have the products and services they really want. Businesses and merchants that participate will gain more customers just by joining this program, so they won’t have to spend a large budget on marketing,” says Tokenomy CEO Oscar Darmawan, who is also the CEO of Bitcoin.co.id.
He added that the by joining the programme, businesses no longer have to worry about supply and can still maintain transparency between all loyalty point issuers.
Waves CEO Sasha Ivanov said that the project will also enable compliant blockchain integration in the Southeast Asian market.
“Blockchain tokens may be used as a frictionless payment mechanism, or as a way to access certain services, prove ownership, share sensitive data securely, and so on. The use cases are far, far broader than online cash and crowdfunding,” he said.
One of the priorities for both platforms, he added, was to ensure it is used in the most transparent, compliant manner possible and also be abreast of the ever-evolving regulations related to cryptocurrency.
“As regulation develops around this area, it is critical that token projects operate within it in order to gain widespread acceptance,” says Ivanov.
Tokenomy recently completed the final stage of its $20 million crowdfund by selling 40,000 tokens for over $2 million in just three hours.
Launched in 2016, Waves provides fundraising services through tokens issuance. The company, which is registered in Switzerland, has raised $16 million through an Initial Coin Offering (ICO).