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Tourist Cryptocurrency Planned for Japanese Retail Markets

In conjunction with the blockchain start-up GATCOIN, SK Planet Japan has announced plans to issue geo-targeted cryptocurrencies to Chinese tourists in Japan. Providing tourists with the opportunity to use them to redeem beverage, fast food, and convenience store products in SKPJ’s network of franchise partners.

Steve Lee, CEO of SK Planet Japan, explained: “Chinese tourism is booming, with over 24 million arrivals to Japan in 2016. Bakugai, the Japanese word for Chinese ‘explosive buying’, hit over $13 billion USD last year. We have an extensive network of retail stores, and getting them to spend is a strategic priority. Providing an unlimited variety of spending options, plus leveraging the liquidity of the cryptocurrency markets is an extremely powerful combination. This could possibly be one of the biggest marketing innovations since the invention of points,”

SK Planet Japan (SKPJ) will use GATCOIN’s targeted A-DropTM technology to issue these branded cryptocurrencies. The companies plan to roll out a complete suite of crypto-currency solutions for retailers in Japan covering loyalty programs, gift vouchers and pre-paid cash credits.

Founder and CEO of GATCOIN, Simon Cheong added: “SKPJ coins can be traded in our ecosystem for GAT Coins, a publicly traded global cryptocurrency. This provides a way to monetize any retail coin issued on our platform. So, it is very much like sending tourists a bit of spending money to encourage them to walk into SKPJ’s retail outlets”

Based near Windsor, England, Matthew Warner is an enthusiast for innovative, cutting edge technologies. He is a B.Eng. graduate in engineering with honors from the University of Warwick and also holds an PGCE in education degree. Matthew is a member of Mensa.
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