Blockchain rewards platform MiL.k has teamed up with Seoul-based luxury-retail-space chain Shinsegae Duty Costless to provide loyalty points compatibility and direction.

The new partnership allows Shinsegae customers to connect their existing rewards accounts to the MiL.m mobile application, co-ordinate to a press release shared with Cointelegraph on Monday.

Adoption for "millions" of clients?

One time users interlink the accounts, they can reportedly merchandise their Shinsegae loyalty points for the in-firm cryptocurrency called MLK, which currently trades at $0.19 per token. MLK, in turn, can be exchanged for reward points at other partnering vendors, such as Yanolja, a Korean travel accommodation platform.

Such partnerships let MiL.K to increase the utility of loyalty points across the leisure, lifestyle and travel sector, making it a more effective endeavor, the press release stipulated.

Jayden Jo, the CEO of MiL.g, believes that adding Shinsegae Duty Free to his company's network will likewise expose "millions of customers" to blockchain, thus leading to greater adoption across the Asia region.

The MiL.One thousand platform itself is built on Hyperledger Fabric and is compatible with ERC-20 tokens, Samuel Yun, the head of international business at Milk Partners, told Cointelegraph, explaining why the startup relies on blockchain in the first place:

"By using blockchain, nosotros can generate common credibility between service companies. Since all the transactions are written on ledgers and encrypted on blockchain, service companies don't have to worry nearly any data leakage and just leverage from the synergies inside the alliance."

As for transaction fees for trading tokens within the platform, they are set at 1.v%."It wouldn't hurt our users since the minimum disbelieve rate that the platform offers is 5% for all the reward purchases," Yun argued.

Similar use cases in the retail sector

Late in 2022, Japanese retail juggernaut Rakuten enabled its customers to exchange their Rakuten Grouping loyalty points for three major cryptocurrencies, namely Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH) via its crypto exchange subsidiary. The motility aimed to simultaneously boost cryptocurrency adoption and promote Rakuten'southward loyalty program.

Before that year, crypto exchange bitFlyer joined with technology services company Tpoint Japan to permit its Japanese customers to merchandise their loyalty program points for Bitcoin and earn additional rewards for paying in crypto.