New York-based blockchain technology startup Ribbit.me closed a $1.5 million seed round, according to a press release sent to CoinReport. Hayaat Group, a Dubai-based investment company, led the round with Privity FZ LLC acting as its advisor.
“We are the first company to introduce blockchain and smart contract technology to the loyalty and rewards industry,” said Greg Simon, CEO and co-founder of Ribbit.me. “This funding will allow us to accelerate development by expanding our team as more behavior incentification opportunities arise beyond the traditional model.”
Ribbit.me provides the first universal platform for the loyalty and rewards industry, one that addresses the high operational costs and outdated processes that characterize the industry today. The company’s patent-pending technology allows program operators to share a distributed ledger to reduce costs. The ledger will therefore streamline customer experiences while more effectively managing rewards liability. Indeed, the vision of Ribbit.me is to create a single ecosystem, the LoyaltyNetwork, in order “to remove the friction preventing program operators from working together in redemption networks.”
This news comes not long after the company announced its participation in the Linux Foundation’s Hyperledger Project.
Image via press release