Trading platform turning loyalty points into bitcoin
Digital currency tech firm Bitcoin Brands Inc. has launched a new trading platform allowing frequent fliers to convent mileage points into bitcoin.
BitcoinforMiles.com offers individual customers and corporate account holders to exchange excess miles or points for a bitcoin value, and once verified transactions can be completed within minutes, the company says.
The platform offers to trade miles in numerous programs including American Airlines, Delta, British Airways, US Airways, Air France/KLM, Cathay Pacific, Alaska Air, United Airlines, Virgin America, Singapore, JetBlue and Frontier.
Customers can also trade points in American Express and Chase accounts and several hotel reward programs.
"We believe travel is going to be a significant driver of bitcoin adoption. Bitcoinformiles.com offers consumers an innovative way to turn unused miles into an asset which may increase in value," said Peter Klamka, president of Bitcoin Brands Inc.
"I’ve been overwhelmed by the response to the website," Klamka added
"People want to turn their miles into bitcoin. It’s serving a customer that has a desire to own bitcoin."
Customers wishing to trade their points send a request for a quote on the website.
Klamka says sellers receive between half a cent to 1.7 cents per mile or point on average.
The website points out that although there are no specific state and federal laws against trading loyalty points, it is forbidden under the terms and conditions of each individual loyalty program.
The company said it also plans to sell discounted travel products and services for bitcoin.
Bitcoin Brands Inc also leases bitcoin vending machines and ATM cash dispensers.
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