Nike to launch new cryptocurrency

Despite the cryptocurrency market collapse, traditional business still shows a high interest in advanced market tools. Nike corporation is considering launching its own cryptocurrency and has filed a trademark and service application with the US Patent and Trademark Office seeking protection of the brand ‘Cryptokicks’. 

According to the application, Nike intends to develop a whole range of products, including cryptocurrency wallet and mobile applications for collecting and exchanging crypto tokens, and well as software for managing transactions with the use of blockchain. The token could be used as digital currency by online community members. So far the most likely purpose of Nike’s cryptocurrency is using it for a digital loyalty program, Digital Finance agency Editor-in-Chief Alexander Tabernakulov says. Such approach will allow for creating a blockchain-based global loyalty system for the company’s clients. 

“For instance, customers could use local currency to pay for purchases and receive loyalty points instead that they could spend in Nike shops across the world without currency conversion fees. The higher the user’s crypto balance, the more additional opportunities and bonuses he will have at Nike stores”, Tabernakulov noted. 

Nike’s cryptocurrency could also allow exchanging loyalty points for Nike customers across the globe.

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