TravelBank expands its innovative Rewards platform to digital currencies
Today, TravelBank is announcing the launch of its cryptocurrency rewards solution in collaboration with Brex. The first-of-its-kind initiative will deliver a unique reward redemption experience for companies already earning industry-leading multipliers through the Brex Rewards program. Rewards are the perfect entrypoint for companies to start experimenting with digital currencies such as Bitcoin and Ethereum, which have become more mainstream, and is a welcome evolution for a younger and more progressive workforce.
This continues the trend of innovation in the Brex-TravelBank partnership. In late 2018, TravelBank partnered to power the Brex Travel platform to make it easier for Brex startups and their employees to book and manage corporate travel, and redeem rewards for travel. Two years later, TravelBank expanded its partnership to power their rewards redemption platform for gift cards. The introduction of business reward redemption to cryptocurrencies is the next phase in TravelBank’s vision to build a cutting edge private-labeled Rewards platform. For this initiative, TravelBank leverages Coinbase’s industry-leading Prime brokerage and custodial platform.
“TravelBank has been a great partner for Brex and we’re incredibly excited that they are powering this first ever crypto rewards program for businesses,” said Marco Mahrus, VP of Business Development, Brex.
Brex Admins will have access to a new tab for “Crypto” within the Rewards section in their Brex dashboard. In order to redeem their points, users will input the amount of points they want to redeem as well as their crypto wallet address, Coinbase or otherwise. The portal will provide an estimated calculation of how much crypto the points convert to, with the final rate being locked down once the transaction is complete. Brex users can also initiate the process of converting rewards via Brex Marketplace.
“There has never been more interest and applications of crypto in the business world than today,” said Duke Chung, Co-Founder and CEO of TravelBank. “We’re delighted to be launching this new capability with Brex. This next phase of our Rewards platform illustrates how the space is evolving and will help our partners bring new and unique experiences to their customers.”
TravelBank’s private-labeled Rewards redemption platform, which can be used either independently of or in concert with our business travel and expense platform, is helping its partners deliver a differentiated and engaging experience for their corporate and consumer customers alike, while also helping them turn what was historically a cost center into a revenue stream.