Cementing the idea that newfound ventures are not the only ones that can benefit from cryptocurrencies, an airline from Malaysia is planning to delve into the digital finance market.
AirAsia, a low-cost airline that is valued at $3 billion and holds flights over Southeast Asia, is planning to hold its own initial coin offering (ICO), TechCrunch reports.
airasia will be the first airline to hold an ico
Speaking to the publication, Tony Fernandes, CEO of AirAsia, stated that the company has two products and initiatives in line which could lead to it launching its own cryptocurrency, for which it could hold its ICO.
One of those products, and the most relevant, is Big Points, the airline’s loyalty program, which it boasts has more than 65 million registered users.
By recording the loyalty points on a blockchain platform and incorporating a cryptocurrency into it, Fernandes thinks that the program could grow into something very beneficial for the company and its users.
He mentioned that the company is currently building a separate platform to incentivize the usage of Big Points further, and that is where the cryptocurrency could be introduced and used effectively.
Fernandes is pragmatic about why an ICO would be a good thing for the airline, and stated that the idea is so lucrative because it takes costs away from the airline’s reserves itself while it is developing a new product, and would thus let it focus on providing an optimal product to its end users without worrying about the finances to back the operations.
He further stated that he is aware of the regulatory risks and requirements that could be involved within the action, and is ready to take them on since the company already operations “in the most regulated industry in the world.”
No timeline was defined by Fernandes on how soon he plans for the airline to move forward with the ICO, but seeing his enthusiasm, developments could be made in the next few months.