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Invigor clinches JV with global blockchain enterprise ChronoBank.io
3 minute read
Invigor Group Limited (ASX:IVO) has entered into a joint venture agreement with LaborX Pty Limited (ChronoBank.io), to offer retailers, brands and service providers the ability to drive additional revenue through digital tokens.
Under the JV, IVO will collaborate with ChronoBank.io to introduce ‘infinity’, a digital token which will be earned via purchases or services. Infinity will be utilised alongside current rewards programs, facilitating interchangeability between businesses and consumers respectively.
IVO and ChronoBank.io aim to create a loyalty program which will see retailers have the ability to distribute Infinity tokens in lieu of supplementing existing rewards points. In addition, the JV plans to offer an exchange, under which loyalty points could be converted into additional Infinity digital tokens.
The JV will target the retail and services industries, which are core strategic markets for both IVO and ChronoBank.io. The combined technology and intellectual property will accelerate the adoption of Infinity digital tokens on a global scale.
However, the full effect of this adoption may be some time to come and as such any investment decision should be made with caution and professional financial advice should be sought.
IVO believes that enabling loyalty points to be exchanged for Infinity digital tokens could provide a significant opportunity for monetisation and lead to potential expansion into key international markets.
The company also advised shareholders that it is in advanced talks with several parties to rollout an Infinity digital wallet, which would allow for the secure storage of the tokens.
Under the JV, revenue will be split equally, with monetisation to occur through fees and commissions based on the use of the Infinity tokens.
The benefit of Infinity digital tokens
The tokens are proposed to be used in a wide range outlets globally, allowing seamless and reliable transactions. The tokens will be able to be used across multiple channels as opposed to current rewards offerings.
Infinity will simplify the hassle consumers face when dealing with multiple or varying rewards programs, while retailers could track and understand its customer base better.
ChronoBank.io aims to disrupt the human resources and recruitment industry by tokenising labour hours and employment using blockchain-based technology.
ChronoBank.io allows both employer and employee to not only interact, but complete transactions without the need for banks or traditional financial institutions.
ChronoBank.io’s CEO Sergei Sergienko formed LaborX in 2016 and is a leading figure in the digital business community. He currently serves on several Australian and International Government advisory boards.
IVO CEO Gary Cohen spoke on the JV announcement, “Today, businesses’ power to effectively manage, action and own data is limited by the thousands of different loyalty and points issuance programs available in the market.
“Invigor’s unique loyalty solutions turn data into recommendations, which enables retailers, brands and service providers to engage customers in a personalised way to increase spend, frequency and lifetime value.
“The use of blockchain technology particularly to create a token that can be traded in a safe and secure way between businesses and consumers will become more highly valued than the individual loyalty points that are currently being offered by most loyalty programs,” he said.