OYO Rooms, one of the most popular names in the hospitality industry is hours away from conducting its ICO. With OYO Smart Coin (OSC), the company has officially entered into the cryptocurrency market and is open for pre-registration.
OYO rooms ready to launch OYO Smart Coin ICO
One of the biggest names in the online hotel booking industry, OYO Rooms has also taken the cryptocurrency route. However, the company is not just announcing its plan to do so but is actually going to launch its own cryptocurrency “OYO Smart Coin” (OSC) in less than 20 hrs from now (at the time of writing).
India’s largest hospitality company, OYO Rooms explains its cryptocurrency as:
“OYO Smart Coin will benefit the hotel partners, the consumers and the entire ecosystem at large. Using OSC, consumers will be able to transact on the OYO platform with reduced prices. OSC will enable partners to directly offer benefits to the consumers and market to them. OSC will be the fuel of the brave new world of blockchain technology.”
#OSC: #OYOSMARTCoin will benefit hotel partners, consumers & the entire ecosystem at large. Using OSC, consumers will be able to transact on the OYO platform with reduced prices and travel partners will be able to directly market & offer benefits to them.https://t.co/R86c4080aB pic.twitter.com/twEOxN2c8T
— OYO (@oyorooms) March 29, 2018
OSC to tackle the “smaller inventory accommodation”
The whitepaper of the ICO outlines the problem that company plans to work on, the absence of “brand overtaking the smaller inventory accommodation” when the market has so much potential but involves issues like shortage of millions of rooms, professionals, and tech along with broken experiences.
The company plans to target this problem by utilizing OYO Coin that will allow the decentralized management of the OYO ecosystem.
The OSC will work with different aspects of the OYO Rooms’ business including incoming leads, auditors and audit process, vendors, and customers.
Though the renowned brand talks a valid problem and a legit solution for the same by utilizing the blockchain technology and cryptocurrency, the whitepaper of the company says little to none about any other aspect of the project.
There is no information on the number of tokens, pricing or number of other factors that are involved in an ICO. However, the website for the ICO of OYO Smart Coin does hold a countdown for the pre-registration. There is also a notification that states “Window is open for pre-registration until 30th March 5 PM.”
No doubt, when a brand so big makes an announcement, thought out of nowhere, it catches the attention of the audience and prospective investors to a large extent.
What are your views on OYO Rooms launching their own cryptocurrency named OYO Smart Coins? Share your thoughts with us!