VYSYN Capital invests in Mil.k Alliance, South Korea’s Pioneering Mileage Integration Service.
VYSYN Capital, a leading blockchain investment firm, is pleased to announce an investment into Mil.k Alliance, a blockchain-based mileage point integration service, as an institutional investor.
Originating from South Korea, Mil.k aims to create a loyalty system that integrates customers of service companies in the travel, leisure, fashion, culture, and other lifestyle industries through blockchain technology. The lifestyle industry in South Korea has increased 60% over the last 10 years and exceeded US$50 billion, with KRW 2.9 trillion worth of mileage points paid to customers in 2017.
However, the current mileage points offered by these service companies do not provide sufficient benefits to customers due to their limitations for usage, making them an ineffective marketing method. Attempts to integrate mileage points among alliance companies face difficulties in the physical exchange of personal information and the post-settlement.
Mil.k is a platform which aims to provide efficient mileage integration regardless of industries and group subsidiaries / affiliates status, powered by blockchain technology. It provides a means for customers to use their points across a broader set of companies, or trade them interchangeably, thereby raising the usability and utility of mileage points.
This platform provides a number of benefits for customers and participating service companies. For customers, they will have more options to gather and spend their mileage points from / on. For companies, their marketing effectiveness can be maximized by sharing massive pool of customers within the platform, and gain a pathway to expand globally. They are also able to make synergies by packaging services and carrying out marketing events together.
Furthermore, service companies will be able to join the platform by simply using the APIs provided, minimizing burdens related to cost and technology. As each company will retain their own blockchain, there will be no need for sharing customer information or post-settlement, eliminating operational, financial, and customer related issues.
The platform will utilize a two-type token system. One type is Brand Token, which is the tokenized version of mileage points originally issued by service companies. The other type is Mil.k Coin, which is the sole medium of trading that integrates Brand Tokens. This system is designed to create a virtuous cycle in the Mil.k ecosystem and token price — with more service companies joining their platform, their service offerings and cross-synergies will grow, increasing the demand for Mil.k Coins.
The project partnered with Yanolja, the leading travel booking platform in South Korea valued at $1 billion and with partners including Expedia, Booking.com, and C-Trip. With 3 million active users, Yanolja’s adoption of the Mil.k Coin in day one will give the project a major boost.
VYSYN Capital believes that this investment aligns with its mission in helping entrepreneurs develop world-class projects based exclusively on blockchain technology. Mil.k Alliance is an excellent demonstration of how blockchain technology and the real economy can be combined and used in the enormous lifestyle industries in South Korea. VYSYN Capital, an experienced institutional investor in blockchain and cryptocurrencies, is pleased to offer its expertise, connections, and investment to help Mil.k Alliance bring about transformational change.
