Set to launch in late 2018, Industry Token will revolutionize the hospitality industry as we know it by making it easy for businesses to accept cryptocurrency as a form of payment and for consumers to spend it on travel, dining, and entertainment. Consumers that use Industry Token will receive rewards and a dedicated travel concierge.
“The hospitality Industry Token will create an ecosystem that drives the use and acceptance of cryptocurrency across all verticals without the risk of volatility, all while delivering a rewarding experience for consumers,” says Varun Villait, CEO and Technical Lead of Industry Token.
The biggest problem with cryptocurrency right now is that the average person does not know how to acquire or spend it. One such example is Coinbase, the most popular cryptocurrency storage platform, which has 27 million active wallets. By comparison, the population of the United States is 323 million people, and that of Europe is 727 million people. Seizing the chance for a bigger and more successful market, ‘Industry Token’ has created its own cryptocurrency platform, which will be revealed to the public later this year.
Villait and his team decided to establish the ‘Industry Token’ for the travel, service and hospitality industries because merchants in this sector have some of the highest transaction volumes and take enormous losses from chargebacks.
As it stands today, the hospitality industry as a whole does not accept cryptocurrency due to the fear of price volatility and because business owners are not educated on how to accept cryptocurrency. “We are going to make it easy for businesses to accept cryptocurrency through our POS and help them increase their bottom line through loyalty programs, chargeback elimination, and the option to instantly convert to fiat or keep their money invested in the market,” says Villait.
To that end, consumers will be able to instantaneously acquire Industry tokens and spend them at certified merchants using the secured Industry Token wallet. When consumers spend their tokens, they will have ownership of their purchasing data and earn rewards. “Our rewards system will give consumers access to exclusive deals and we will make it simple to redeem rewards,” says Matthew Cecil, Industry Token’s Chief Operating Officer. “Consumers can book travel seamlessly through WGY Lifestyle, Industry Token’s official travel and concierge partner, who is a global leader in the hospitality industry, without the painstaking credit card reward redemption process that consumers are currently forced to be a victim of. Alternatively, consumers can spend their rewards directly with partners. Industry Token plans to implement a strong loyalty program so that they can help merchants identify their most loyal customers and enable merchants the ability to provide their customers an increased level of service or rewards.
Consumers that hold Industry Tokens and spend a certain volume of tokens will be able to achieve an ‘Industry Token status level’ which will unlock exclusive rewards for the consumer. With Industry Token, businesses will be able to see the token level (think black card) of a consumer that books with them, before they walk in the door. It is a strategy similar to the one used by giants such as Booking.com, except that now it’s implemented on a different level. This allows Industry Token to create unique experiences that drive loyalty and referrals for new business.
About Industry Token
Industry Token is a company founded by Varun Villait and Matthew Cecil and a team with more than 10 years of experience in the fields of technology, finance, operations and hospitality. Industry token has created an ecosystem that drives the use and acceptance of cryptocurrency around the world. Specifically starting with the travel, service and hospitality industries, which have significant amounts of volume and also the highest amounts of fraud. Industry Token plans to launch their technology and model across other verticals, starting with retail.
About WGY Lifestyle
WGY Lifestyle is a full service, lifestyle management agency with a heavy focus on the luxury travel market. WGY provides the highest level of services in the private concierge industry for the busy individuals, families and executives on the go. The company has established unique partnerships with major global airlines, hotel groups, vendors and luxury brands. It’s composed of highly trained industry ‘Life Stylists’ who are connected in major worldwide cities and are significantly changing the private concierge industry by offering its clientele unmatched service, customized A to Z experiences, insider tips and luxury privileges (not available to just anyone). WGY Lifestyle prides itself on convenience, exclusivity, access, and discretion to ensure clients get what they want, when they want it, 24/7, 365 days a year, no matter how short of notice or outrageous of the request. WGY opens the door of privilege and gives its clients the ultimate gift of time – time to indulge in their personalized lifestyle.