FlyCoin, Inc., a cryptocurrency-based travel rewards technology company, announces today the closing of their oversubscribed $33 million seed round. FlyCoin’s revolutionary technology infrastructure provides companies in the consumer loyalty space – including travel and hospitality, insurance and benefits, financial services, and more, with a powerful, turnkey solution to incentivize users in a more customer-centric way.
Users can earn FlyCoin’s newly minted token; FLY, a reward that appreciates in value, doesn’t expire, is easily transferable, and has an abundance of redemption options.
The round was led by Josh Jones, a Los Angeles-based entrepreneur and Bitcoin pioneer, best known for founding Bitcoin Builder in 2012. In addition to his role as FlyCoin’s Board Chairman and anchor investor, Mr Jones will oversee the development of FlyCoin’s technology platform. Other investors in this Seed round include Michael Blend (CEO & Co-Founder of System 1), Bill Foley (Chairman of Fidelity National Financial, Dun & Bradstreet, and Cannae Holdings), TenOneTen Ventures, 8VC, Liquid 2, and Gaingels.
“The travel and rewards industry will exceed 1.4 trillion dollars by 2023. With figures like those, it’s time to bring smarter rewards to the people who make the industry as successful as it is: the travellers. FlyCoin is the next generation of digital rewards, and the evolution of a decades-old industry; one that is past due for a digital transformation.” stated Josh Jones.
FlyCoin’s partners include Ravn Alaska and Northern Pacific Airways (“NP”). Ravn Alaska is a regional airline currently operating flights within the state of Alaska, where travellers can already start earning FLY on all paid flights with the airline.
“The rewards and benefits industry, across verticals, has remained stagnant and limited with how it has been rewarding customer loyalty, until today,” explains Lenny Moon, CEO of FlyCoin. “FlyCoin is progressing the industry forward by rewarding customers with a cryptocurrency where the issuer can not dictate the rules of expiration or intentionally depreciate its value. We are grateful for the engaged support from our investor base. We plan to aggressively build out the platform and secure additional partners to start growing the FLY ecosystem.”
“At FlyCoin, we’re transforming the loyalty and rewards space with ‘crypto-as-a-service’ and a SaaS solution for easy implementation” added Tom Hsieh, Co-Founder & President of FlyCoin.
FLY tokens are minted on the Ethereum blockchain using the ERC-20 protocol, with a fixed supply of 100 billion. FLY is currently not tradeable on the cryptocurrency exchanges but plans to initiate its tradability on the various cryptocurrency exchanges in 2022.
Edited by: Stephen Morton
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