Tribal Credit to launch blockchain-powered customer rewards program

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Tribal Credit is piloting Boomerang Rewards, the first blockchain-powered rewards program for emerging market enterprises

DUBAI: Tribal Credit, a payments and 360° financing platform for emerging market businesses, today announced that it is piloting Boomerang Rewards, the first blockchain-based rewards program for emerging market businesses. Through Boomerang Rewards, Tribal Credit’s customers are eligible to earn industry-leading rewards on their business expenditures via Tribal’s corporate Visa® cards.

Tribal is conducting the Boomerang Rewards pilot in partnership with KuCoin, a digital asset platform with its operational headquarters in the Seychelles. Using KuCoin’s digital wallet technology, Boomerang Rewards delivers powerful customer rewards via the Tribal Token (TRIBL), an Ethereum-based token.

“At Tribal, our mission is to empower businesses in emerging markets with cutting-edge financial technologies,” said Ehab Zaghloul, Chief Research Scientist at Tribal, “Leveraging the power of blockchain, Boomerang Rewards enables a revolutionary rewards experience for Tribal’s customers.”

Tribal Credit customers outside of the United States can use their Tribal Tokens to access exciting benefits, including higher rewards tiers in the Boomerang program.

TRIBL tokens can only be purchased, earned or redeemed by non-U.S. persons. U.S. persons are prohibited from purchasing, earning or redeeming TRIBL tokens. A “U.S. person” is any natural person resident in the United States or any entity defined as a “U.S. person” by SEC Rule 902(k). “United States” means the United States of America, its territories and possessions, any State of the United States, and the District of Columbia.”

About Tribal Credit:

Tribal is a payments and 360° financing solution using the latest emerging technologies to drive businesses in all different stages of growth in emerging markets to close the financial inclusion gap in business. Tribal offers these SMBs access to modern payment methods like Visa branded multi-currency physical and ​virtual business credit cards​, local and international funds transfers, along with short-term financing, and a powerful ​spend management platform​ to track and control their expenses—all in one seamless interface. Tribal has raised an impressive amount of funding from the SoftBank Latin America Funds, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, as well as additional crypto and strategic investors. Led by serial entrepreneurs, data scientists, and fintech executives, Tribal is also among an elite group of companies chosen as part of the Visa FinTech Fast Track program and recently won the Best Banking Card Product Award at the 2021 Challengers Awards from renowned publication Tearsheet.

About KuCoin:

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with focus on inclusiveness and community action reach, it offers over 700 digital assets, and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 18 million users in 207 countries and regions. In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the Best Crypto Exchanges in 2021. In 2022, The Ascent named KuCoin the Best Crypto App for enthusiast