Coffee Brand Lets Customers Exchange Loyalty Points For Cryptocurrency
Lattesso's new coin allows coffee drinkers to earn tokens that can be exchanged for coffee and cash, paving the way as Crypto Valley's first loyalty coin and helping merge cryptocurrency with everyday activities
Swiss coffee brand Lattesso has introduced its own form of cryptocurrency called Lattessocoin as part of its loyalty program, the first of its kind in the retail space. To begin circulating the tokens, the company offered them to customers along with each coffee purchase in May via an access code on the bottom of the cup.
This new initiative uses a system called qiibee, which lives on a platform designed for loyalty programs that are part of the Ethereum blockchain. Customers can use a phone or web app to access their Lattessocoins, which have no expiration date or restrictions and may be exchanged for cash. Points earned through purchases can be traded in for coffee and other items in the qiibee system.
Similar to other cryptocurrencies, customers can also trade their Lattessocoins across the platform, with their price being determined by current demand. The coins can only be obtained through Lattesso outlets in Switzerland at this time. This mixing of a common commodity like coffee with a payment form still gaining in popularity like cryptocurrency is a creative way for Latesso to appeal to a particular market of consumers as well as encourage regular cup-of-joe drinkers to expand into the world of crypto.
Lead image: Latesso via Facebook