Near Protocol to Launch Loyalty Points Program for Grupo Nutresa by Q1 2023

UTC by Steve Muchoki · 3 min read
Near Protocol to Launch Loyalty Points Program for Grupo Nutresa by Q1 2023
Photo: Nutresa / Facebook

The Near Foundation and Nutresa have a common mission of enabling environmentally sustainable practices.

Near Foundation, a non-profit organization focused on financing Web3 projects on the Near ecosystem, will launch a loyalty point program for Group Nutresa S.A. (Bogota: NUTRESA) by the end of the first quarter of next year. According to the announcement, the open-source loyalty program will focus on the Latin American market with a target of a million users. Reportedly, the food processing company will assemble its existing loyalty programs into one user-friendly platform supported by Near blockchain.

Near Protocol to Power Loyalty Program

“We are excited to partner with one of the biggest multinationals in Latin America and help it to lead the way through its first Web3 loyalty program,” Near Foundation CEO Marieke Flament said.

Nutresa shares closed November on a bullish outlook. According to market data from MarketWatch, Nutresa shares have gained approximately 53 percent YTD to trade around $43,900 as of November 30.

On the other hand, Near Protocol native token NEAR has gained approximately 4.1 percent in the past 24 hours to trade around $1.75. Nonetheless, the NEAR market is down over 79 percent in the past year, according to data from CoinGecko.

Near Foundation and Nutresa for Suppressed Carbon Emission

The Near Foundation and Nutresa have a common mission of enabling environmentally sustainable practices. Moreover, the Dow Jones Sustainability Indices has ranked Nutresa as the world’s most sustainable food company for two consecutive years. As such, their partnership is strategically oriented to remain competitive in the global market.

The food company specializes in manufacturing and distributing cold cuts, biscuits, chocolates, coffee, ice cream, and pasta under a portfolio of 70 brands. Notably, the company has manufacturing plants in Colombia, Costa Rica, Dominican Republic, Mexico, Panama, Peru, the United States, and Venezuela. However, its products are available in 65 worldwide countries.

In the past two years, the food manufacturing company has recorded a significant uptick in total sales, according to quarterly reports. Nonetheless, Nutresa is committed to expanding its global market through blockchain technology. Furthermore, blockchain technology is secure, scalable, and more environmentally friendly.

As a proof-of-stake secured network, the Near protocol unveiled an $800 million ecosystem fund to back environmentally friendly decentralized financial platforms (DeFi)

Launched in 2021, the fund includes $350 million in funding from Proximity Labs. Out of which, $250 million was allocated to help existing projects scale and $100 million to the Startup Grant Pools, where 20 startups are meant to be given $5 million each.

Global regulators are concerned with proof-of-work secured blockchains like Bitcoin and Dogecoin. No wonder the Ethereum ecosystem recently migrated to the PoS via the merge event on September 15.

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Steve Muchoki

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