RocketFuel Blockchain, Inc. (OTCQB: RKFL) is engaged as a global cryptocurrency payment solutions provider. The company’s payment solutions help to expand online shoppers’ ability to pay for goods using Bitcoin. Shares of the crypto payment solutions company are down 6% through early trading on Wednesday, August 25, 2021. Over the past thirty days, RocketFuel Blockchain has seen average volume of 22,281 shares. However, 4,207 shares or dollar volume of $3,912, has exchanged hands through early trading on Wednesday.
The company issued a press release this morning discussing plans to launch its own crypto token through an Initial Exchange Offering (IEO) on a “leading cryptocurrency exchange,” according to the release. RocketFuel Blockchain is aiming to raise $15 million from the IEO. The planned crypto token will utilized as a loyalty program, which will incentivize shoppers to make purchases with cryptocurrencies. Customers making purchases on RocketFuel’s payment ecosystem will also earn tokens.
The loyalty program will allow RocketFuel Blockchain customers to redeem the tokens for products and services, such as airline upgrades, hotel bookings, concerts, sports events, and more. Management says the crypto-based loyalty program is designed to help curb growing loyalty fraud amongst traditional programs offered by hotels, airlines, and more. With RocketFuel’s blockchain-based loyalty program, management believes fraudsters will not be able to access idle frequent flyer rewards and other programs.
“We are very excited to announce our new token and loyalty program, which will benefit merchants and shoppers and will unlock various rewards within our platform. This will lead to more transactions and greater adoption of crypto which will ultimately benefit the entire crypto payment ecosystem and the people who support it,” said Peter Jensen, CEO of RocketFuel. “In addition, the funds acquired during the token distribution will be used to further fuel the rapid expansion of RocketFuel’s market share, product development, and marketing efforts.”
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