The Chris Voss Show - The Chris Voss Show Podcast 266 Loyalcoin.io, Patrick Paul Palacious CEO

Episode Date: February 8, 2019

Loyalcoin.io, Patrick Paul Palacious CEO

Hi folks, this is Foss here from thechrisfossshow.com thechrisfossshow.com Hey, we're coming to you with another great podcast. We certainly appreciate all of our audience tuning in. You guys are the best audience in the world, of course. Be sure to give us a like, subscribe to us on youtube.com hit that bell notification button

and refer all your friends to the show. You can now get the show, wow, on Spotify, iTunes, Google Play, subscribe, tell your friends, have them put on their phone. Let's get all the people listening to the show. We certainly appreciate you guys doing that. If you want to be on the show, be sure to hit me up, send me an email, and we can see about having you on a podcast as a future guest. As always, we have the best guest and we have a very interesting CEO today. His name is Patrick Palacios. He's the president and CEO. He founded Absolutely in 2013 after seeing the huge growth potential for e-commerce in the Southeast Asian region. Prior to establishing, he absolutely went on to a stellar two-decade run as a tech entrepreneur and executive, creating digital business ventures, Ilios Resources and Helios Tech, and setting

strategies for tech and telco conglomerates such as Digital, Nortel, and Lucem. Welcome to the show, Patrick. How are you doing there? Good, Chris. How are you? Thanks for having me. Good Welcome to the show, Patrick. How are you doing there? Good, Chris. How are you? Thanks for having me. Good, good, good, good. And I guess technically this show is going to be about some sort of a form of cryptocurrency

with the thing that you do. Go ahead and give us what you do and the plugs so people can look them up online. Okay, so you can check us out at loyalcoin.io. So I've been in the loyalty program space for the past almost six years now. I'm based in Manila in the Philippines and I founded a company called Absolutely. We mainly do loyalty programs, loyalty cards, and mobile apps, digital rewards programs for merchants and retailers like TGIF Fridays. We also are working with 7-Eleven in the Philippines. And we have about 2 million subscribers on our network. We're doing about 2 billion transactions a month.

And so what we're doing is we do individual loyalty programs for big retailers and restaurants and coffee shops. in the past five, six years or so, not all loyalty or merchants are successful with their loyalty programs since there's just too many loyalty cards out there. Even in the US, like an average family is enrolled in probably about eight loyalty programs on an average. So, and not all loyalty cards are engaging because you don't want to carry uh them off yeah so they're like do you have your card with you i'm like

i can't even keep track of all the loyalty cards i have right so i thought thought of building a coalition loyalty program where the problem is points expire. You can only use them in one store or restaurant and they give you stuff that you don't need. Right. So and I was thinking of a perfect solution and I thought of in January of last year, thought of the blockchain as the perfect solution and the perfect use case for loyalty cards. In fact, we are the first loyalty program on the blockchain. Our coin is called Loyalcoin and we are also the first cryptocurrency out of the Philippines. We were successful and we did an ICO during the heyday. So we managed to raise about $12 million. And so it's been an exciting year for us because what's a company in a developing economy, right?

With no connections in Silicon Valley, you have practically no chance of expanding globally, if not for ICOs. So we did an ICO October and we have our product on beta now and we have a few merchants in the Philippines and we're also rolling out in Korea and Tokyo, Japan. And now we're expanding here in the U.S. Awesome. Yeah, it's loyalty cards.

It's crazy how many of them there are. So how do you make this all-inclusive and what are the details? Okay, so what we do is we are targeting two industries or two segments of the merchants. One is we are targeting the main target are really the small and medium retailers and restaurants and coffee shops, the mom and pops, one store coffee shop. And they want to get into the digital world. So what we do is we bring them, we give them in this year, by this year or early next year, we give them free loyalty programs. And we enrolled them in our program so that we provide them a new set of customers, a new demographic. People who are into blockchain and cryptocurrency. So the millennials, forward thinkers, and who are tired of just the traditional points.

Imagine points that you can use in the US. And if you go to Korea or japan you can use them to to buy air miles wow that's crazy man yeah thanks so you you can you can basically use your points anywhere that you would accumulate you don't have to necessarily use them at the place that you got the points from. Correct. Wow. And you can also convert them to Bitcoin. Mm-hmm. And pretty soon in the Philippines

and some other parts in Southeast Asia, you can convert them to cash. Now, with Litecoin, if the value of Litecoin goes up, do I have an interest in that with my points that I have on the app? Yeah, well, if the price of Loyalcoin goes up, then your points, you can buy more stuff. Yeah, so that's pretty engaging.

Imagine, I mean, you know how the cryptocurrency, especially right now, it's a bear market right now in crypto. But you've heard stories, right, of the price of Bitcoin five years ago and how the price was in December and January. Yeah. Yeah, it's pretty amazing what goes up and down in the pricing. And so your customers are both the consumers, so I can download the app off your website. I can download an iPad app or an Android app, and I can start using them at different places that are merchants So you have a loyal wallet that's built into it. So I have a wallet for the cryptocurrency. That's my points I have royal coin where you can take an interact with that

Then you have royal merchants. So you have a POS and e-commerce platform for merchants To reward the customers with loyal calling and then you have the low collision Collision of forward-looking enterprises support the issuance of loyal coin as a customer award So as long as coins main feature gonna be this customer reward merchants sort of program. Yes. Yes. Okay. Yes, so You you buy coffee from your favorite coffee shop that uh by your by your apartment or by your by your house and uh once you accumulate you get free crypto and uh or you can exchange it for miles or a sandwich um so it's pretty exciting. That is pretty exciting. And so you guys saw an opening for this in the market.

You guys said, hey, this looks like a good thing to do. And looking at the website, or not the website, looking at the app, there's all sorts of different offers I can get, I guess, from the different people that I'm working with. It looks almost kind of group on you where I can there's different wards on here and I can choose what I want I can kind of get off for people 50% off a drink free up size different things like

that correct and so basically gives me a multi-use coin that I can use for, you know, getting discounts on stuff, getting loyalty rewards. And you guys are processing right now like 2 billion. Wow. Well, that's our traditional one. Of course, in the loyal wallet, we're just starting. So in the first couple of weeks, 40,000 people from all over the world downloaded and registered through the app but we're launching a promo with with this big fast food chain that we all know get a free burger if you download and register through the app

nice nice the so basically you know it's it this this it's a loyalty program that's the thing I always say to a loyalty program so like you know it's a loyalty program that's the thing I always hate about loyalty programs you can only use them here and you're like so I can use these anywhere I can cash them out I can turn them into other different coins yes

you've got a payment gateway so you can use your rewards to pay for everything you want or need you've got a virtual currency exchange exchange awards for other digital assets so i can move into bitcoin like coin ethereum and you got peer-to-peer transfer you can send and receive words to anyone else so i could send my friends some of my rewards to whatever yeah send send your send your relatives in send your relatives in other cities or other countries.

Now, you've got a lot of technical advisors I'm looking at, a lot of really cool guys from the technical field who've looked like they've done a lot of different things in their background. And the absolutely is absolutely the side of Loyalcoin. How do you integrate? Absolutely is the company and Loyalcoin is a product. Okay. Okay. And so you've got the V-Log chain where you can do that. Looks like you guys are doing a lot of different promotions across the thing. And it stores everything right on your app.

So your wallet's right on your app, correct? Right, correct. Nice. Correct. Nice. So what's the best way, if I'm interested in using your products, what's the best way I can get signed up if I'm, say, a company that wants to do the loyalty program with you guys?

Just reach out to us at info at loyalcoin.io or patrick at loyalcoin.io and also visit our website and leave a message. We also have different telegram groups. We have a LoyalCoin USA group group on telegram and we also have a loyal coin groups uh for different countries we have loyal coin japan loyal coin korea loyal coin london and uh like in brazil i call loyal coin fr I forget. Wow. You guys are just taking over the world with these things.

You got to love it. So, what else do we need to know about the product? What else is... And for a consumer, you can just go right to the App Store and download it by typing in the Litecoin. And then you can download. You can go to the website litecoin.io you can just click the button there and load the web app onto your for the app onto your phone so that way yeah just go to app apple store or itunes or or google play and search for the loyal wallet

and just download it and so what we're doing right now is we're doing a university tour I'm going to be a speaker at NYU on the 14th and I'm also gonna be we're gonna be doing presentation also at the blockchain conference at MIT on the 15th. Okay. And I think on the 16th or 17th, we're at the University of Oregon. So it's a pretty exciting U.S. roadshow. Nice. You guys are rocking and rolling and everything.

Well, this seems like a really cool program, you know, and a loyalty card system that you can use. Yeah, yeah. A loyalty card system that you can use other places without having to be locked in where you can't use them. And then I think one of the biggest things I think is cool is if Litecoin's value goes up, your coins go up. I mean, you could have like coins in there and wake up and there might be a thousand years. It's like wow

Yeah, yeah, yeah, yeah, you think that a lot of people are Are buying tickets a lot, right? This is a great way to to uh uh be able to you know uh uh do the do the thing and get loyalty points and make them work so as we wrap up any final things you want to talk about with litecoin yeah if uh if so for those interested uh if you know of any merchants, any mom and pop, no matter how small or big that would want to be part of the loyalty, loyal coalition or the loyal wallet,

we have a bounty program. Once you refer, well, just introduce us or sign the deal for us and we have a bounty. You get free loyal coin for every referred merchant, whether you just send

them their contact details or send an introductory email or close it for us we have a bounty reward for those who refer merchants and and customers yeah sounds pretty awesome sounds pretty awesome was what everything is get going on there give us the website one more last time. It's LoyalCoin.io. All right. And everyone check it out. If you've got a merchant you really like, ask him to sign up for it.

And it might be a great way you can make some extra money, especially when the value of the thing goes up. And I guess if you can take and do that as well. Anyway, I appreciate everyone for tuning in. Be sure to give us a like, subscribe to us on YouTube, hit that bell notification button, go to Google Play, iTunes, and you can see us on Spotify, so you can listen

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