Huobi-powered Exchange to Migrate Token on the DigitalBits Network
Vancouver, BC and Singapore – September 25, 2019 – iBank Digital Asset L.P. (“iBank Digital”, “iBank Exchange”) and iCashRewards (“iCash”) announced today that it is exploring the use of the DigitalBits blockchain to tokenize iCashRewards loyalty points.
Brands are increasingly taking an interest in blockchain technology that extends far past accepting digital assets as payment. iCashRewards’ recipients will be able to use the iCash loyalty token as a form of payment on iBankEx and iCash Ecosystem, allowing users to benefit from faster transactions, reduced exchange and transaction fees.
“We are excited to be collaborating with the DigitalBits blockchain,” stated Min Kuang, Founder of the Digital One Asset Foundation. ” Initially we focused on tokenizing the iCashRewards loyalty token on the Ethereum network, however, in addition to the added technical benefits, our vision is also aligned with DigitalBits’ focus on supporting brand currencies. This also strategically aligns with iCash being integrated with PundiX to provide fiat to crypto processing services and point-of-sale solutions with merchants.”
Encompassing Bitcoin, Ethereum and other digital assets on iBankEx, as a new addition to the DigitalBits ecosystem, iCash will be able to interact with other brand currencies that will reside on the DigitalBits network. Brand currencies have existed prior to the birth of blockchain technology — assets such as points and rewards have been issued by brands to transact with consumers for decades. DigitbalBits and iBank Digital plan to enhance this experience.
The DigitalBits network’s native token XDB first became listed on cryptocurrency exchanges commencing in August 2019 and has already seen other exchanges also add the token, including Bilaxy, CoinExchange, Vinex and Sistemkoin. With DigitalBits continuing to gain traction, it’s likely that other exchanges will also take notice and embrace XDB.
“We are excited to see iBank Digital and iCash join the DigitalBits ecosystem,” stated Al Burgio, Founder of DigitalBits. “Our vision has been focused on designing DigitalBits as a network layer blockchain for brand currencies, including assets such as loyalty and rewards points, making it perfectly suited for iBank’s endeavour into the points economy.”
iCashRewards loyalty tokens will be able to leverage protocol characteristics including low latency and dynamic quorum based consensus not currently possible on the Ethereum network due to significant delays between blocks. Having said that, DigitalBits blockchain is ready and capable to port millions of users who already know how to earn digital assets while providing additional benefits to consumers with their multi-hop technology and on-chain trading.
About iCashRewards – A Trusted Partner in Blockchain Loyalty
The iCashRewards Loyalty Program (“iCash” or “iCashRewards”) is supported by a powerful infrastructure for tokenization development and traditional loyalty rewards. It promotes the application and evolution of blockchain loyalty to decentralized finance (DeFi) projects and global tokenized industry. The iCashRewards Loyalty Program is governed by Digital One Asset Foundation, which is an independent, not-for-profit membership organization incorporated in Singapore. www.icashrewards.io
About iBank Digital:
iBank Digital Asset L.P. (iBank Digital), based in Vancouver, Canada, is a leading provider of crypto trading platforms, supported by Huobi Cloud, and lending through the world’s first decentralized global network. Connecting financial institutions to high net worth individuals, iBank Digital provides convenient, secure, and fast trading interfaces, systems and intuitive and efficient new trading platforms. iBank Digital’s services assume a number of different vectors, including crypto trading, crypto retail solutions, crypto lending, iBank XPass (wallet and payment solutions), advisory services, and facilitating Bitcoin purchases via credit card. For more information, visit www.ibankdigital.io
DigitalBits is a blockchain protocol and network layer designed for consumer digital assets, specifically branded currencies. DigitalBits is focused on supporting innovators with driving enterprise adoption of cryptocurrency and its use in enhancing the consumer experience and corporate social responsibility initiatives. For more information, please visit www.digitalbits.io.
Related Articles You May Like: Welcome to The New Era of Blockchain & Digital Assets
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.