Grab Philippines partners with blockchain startup LoyalCoin

Ride-hailing app Grab Philippines has entered into a partnership with blockchain startup LoyalCoin, GMA News reported.

Founded in 2017, LoyalCoin offers a customer loyalty-oriented digital asset that aims to replace and enhance traditional rewards point systems. It is the first Filipino company to launch a token generation event.

LoyalCoin can be stored in the LoyalWallet, an app that enables the digital asset’s redemption, payment, and more features. The wallet can be downloaded from both Google Play and Apple Store.

As part of the partnership, LoyalWallet users will be able to use their LoyalCoin to redeem P50 to P100 discounts on Grab rides, LoyalCoin said.

“This alliance emphasizes our end goal in expediting nationwide adoption of blockchain technology,” said Patrick Palacios, CEO of LoyalCoin.

Martin Luchangco, Grab’s head of Business, said that the partnership is in line with the company’s goal of providing its consumers with services that support their everyday needs.