Invigor clinches JV with global blockchain enterprise ChronoBank.io

By Justin Ware. Published at May 8, 2018, in Technology

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.

About ChronoBank.io

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.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
LinkedIn