Korea’s Oldest Mileage Program May Convert Cash Points to Crypto

The company behind OK Cashbag, the oldest and most popular mileage point program in South Korea, is mulling a plan to convert cash points accumulated by its users into cryptocurrency.

Operated by SK Planet, the e-commerce arm of communication giant SK Telecom, OK Cashbag was launched in 1999 to reward users who purchased goods and services from SK affiliated merchants. In an interview with CoinDesk Korea, SK Planet said a plan to introduce a blockchain system to tokenize cash points had been shared with the company’s top-level management.

One aspect of the plan would involve the creation of a so-called stablecoin, or a cryptocurrency that maintains a fixed value, given that the points in question are tied to the Korean won.

While the bid – temporarily called OKX – is subject to further research ahead of any formal debut, it’s a notable development given the existing user base of OK Cashbag and the number of merchants that accept the usage of OK Cashbag points.

According to the report, the program now has over 35 million users with more than 50,000 affiliated merchant stores where consumers can spend their rewards. They can also exchange points for cash if they earn more than 50,000 points…

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