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Incent attracted more than 1000 Bitcoins from investors in its first week of fundraising, enough to allow the project to get to market. The opening days of the crowdfund attracted 800 bitcoins and over 600,000 Waves tokens, a total of more than $600,000.
Incent have a target of $1 million but the money already collected is enough to complete development and Incent are now busy partnering with merchants ahead of launch next year.
BitScan, the crypto business behind the project has already created a proof-of-concept wallet that will allow businesses to issue Incent, a universal token of reward that acts as a form of smart cash-back. Merchants will be able to easily configure the amount of reward they issue to customers to suit their own margins. The token is designed to appreciate in value as more merchants adopt it, benefiting businesses and consumers alike.
The money invested to date is enough to complete development and integrate Incent into the first merchants’ point-of-sale systems.
‘Retailers recognize that current loyalty systems are overpriced and under-performing and are looking for something new’ Rob WIlson, CEO, Incent
Businesses on board
Incent is now growing its network of merchants who wish to adopt Incent rewards when the product launches early next year. During the opening days of the crowdfund two businesses came on board. The first is a bricks-and-mortar establishment: the Temperance Society bar in Sydney, where BitScan is based. The second is Sure Green – a UK-based landscaping wholesaler and Incent’s first e-commerce client.
‘What’s great about these two, apart from the fact that they represent such different sectors, is that they see value in Incent for different reasons. As an e-commerce trader, Sure Green sells through Amazon and eBay, but is hit with a high commission fee. Their CEO is happy to pay that in loyalty points to get people to shop through his own site. The Temperance Society bar, meanwhile, is a local business and social hub, and sees huge value in fostering that vibrant local economy.’ Rob Wilson, CEO, Incent
Incent announced today the addition of two more Australian businesses, furniture retailer Cofint, based in the Northern Territories and Software company Practice Manager 24/7 operating out of New South Wales.
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