The department chain in Venezuela applies cryptocurrencies to their loyalty club

A chain of departments in eastern Venezuela announced the integration of cryptocurrencies into their internal loyalty club for hypermarket users, according to the axiom this weekend.

The popular Sigo Store pointed out that thanks to an alliance with the technology startup Norkut and Cryptobuyer, a crypto-fiat gateway for all members of the Sigo Club, a loyalty program for department store users, over 15 years old.

The initiative enables Sigo customers to join the club through their e-commerce and take part in promotions in the 11 branches available nationwide. Among the 2000 offers is the crypto alternative to the incentive program for the purchase of groceries to household appliances including the existing product.

The department chain in Venezuela applies cryptocurrencies to their loyalty club
The department chain in Venezuela applies cryptocurrencies to their loyalty club

According to the newspaper The axiom in an interview with Orlando D’León, CEO of Norkut Technology, With cryptocurrencies, anyone around the world can pay a balance to the Sigo Loyalty Club so that the customer can use them on their next purchases.

“For this customer, only the cryptocurrencies are converted into credits. If you receive credits with this customer or have credits in the Loyalty Club, “N” number of promotions, discounts, vouchers for free products, sweepstakes etc. that we would like to send to the Loyalty Club will arrive. “pointed the executive to the digital newspaper.

For representatives of Norkut The Loyalty Club uses the same philosophy as a wallet, although it doesn’t. It enables a savings mechanism with which the user can use this credit in every branch of the department store chain. at the time the user so decides.

Executives view cryptocurrencies as the digital money that will completely transform the financial system in the future. According to Norkut, they hope to be able to deliver a cryptocurrency-supported VISA card to their customers with Cryptobuyer by next year.

The use of cryptocurrencies continues to boom in all areas of the economy. In December 2019, Japanese retail giant Rakuten announced the possibility of converting its users’ loyalty points into cryptocurrencies like Bitcoin.

As Cointelegraph reported at the time, the company enables its customers to convert their loyalty points into three different cryptocurrencies, including Bitcoin, Ethereum and Bitcoin Cash.

Rakuten has teamed up with technology service provider Tpoint Japan to give its Japanese customers the ability to convert loyalty program points into Bitcoin and receive rewards for paying in cryptocurrencies.

Currently, the Sigo chain is one of the first stores in Latin America to offer the ability to pay points through purchases with cryptocurrencies through its loyalty club. This can then be exchanged both on the company’s website and in the various branches in eastern Venezuela.

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