SEOUL, South Korea, May 9, 2022 /PRNewswire/ -- Through this agreement, the two companies will create services for users to link their L.POINT, a membership rewards program operated by Lotte Members, with over 40 million members and transacting over 1 trillion KRW annually, with GPEX, a blockchain based financial platform. Lotte Group is one of the largest conglomerates in the world with business spanning food and beverages, retail stores from super markets to luxury department stores, resorts, hotels, sports teams, theme parks, and more. LPOINT is the membership program in all sectors connected to consumers.
Lotte Members CEO, Jun Hyeongsik said, "We will strive to maximize synergy between the two companies by continuously discovering areas for mutual collaboration beyond our initial service linkage."
Loyalty points, rewards programs, and airline mileages ("Brand Points") are highly segregated and illiquid, often enclosed in their own ecosystem. The GPEX Platform was created to increase value to these assets and create additional services that benefit both the Brand Point companies and users.
Korea Point Exchange CEO, Kim Jae Hak said, "We are delighted to start our point-based blockchain finance business with Lotte Members, the industry leader. We will actively create new services for both L.POINT and GPEX users.
KPX, a software development and consulting company in collaboration with the GPEX platform, seek to bridge traditional finance with blockchain technology including cryptocurrency. KPX has secured strategic investment from key online platforms and service providers including Spectrum Payment Solutions, a US based payment technology company in December 2021. The GPEX platform has secured investments globally including Shima Capital, a leading venture firm focused on cutting edge blockchain startups.
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SOURCE Korea Points Exchange