Ribbit.me has developed a platform for the loyalty and rewards industry using blockchain and smart contract technology. The platform coupled with patent-pending technology enables program operators to reduce costs by sharing a distributed ledger, thus streamlining the customer experience while more effectively managing the rewards liability.
The US loyalty and rewards market alone is $65 billion this year and expected to double in the next 5 years. Ribbit.me’s goal is to remove the friction preventing program operators from working together in redemption networks by creating a single ecosystem, the LoyaltyNetwork.
Greg Simon, CEO and Co-Founder of Ribbit.me, added:
“We are the first company to introduce blockchain and smart contract technology to the loyalty and rewards industry. This funding will allow us to accelerate development by expanding our team as more behavior incentification opportunities arise beyond the traditional model.”
The New York-based startup recently announced that it had joined the Linux Foundation’s Hyperledger Project, an open source project to advance blockchain digital technology for recording and verifying transactions.