In a major overhaul, Ribbit.me, a universal loyalty solution built on blockchain technology, has announced that it is rebranding as “Loyyal”, in a bid to better reflect the underlying industry and the company's business objectives.

"As our company has evolved in such a short period of time, we feel that the name Loyyal better represents who we are and what we do," said Greg Simon, Loyyal CEO and co-founder. 

Loyyal has built the first universal loyalty and rewards platform using distributed ledger and smart contract technology, introducing frictionless interoperability to the currently fragmented industry. It enables interoperability to the currently fragmented industry, multi-branded coalitions, superior program liability management and dynamic issuance/redemption options customized for each unique relationship.

"We seek to increase loyalty program operator's ability to dynamically incentivize each customer uniquely by removing technological barriers, so a twist on the word loyal is a perfect way to reinforce our message," said Sean Dennis, COO and co-founder.

Ribbit.me in February announced that it has joined the Linux Foundation's open source Hyperledger project, adding that it will actively participate in the global discussion and contribute code and expertise throughout the development of a modular and standardized approach to distributed ledger technology. In the same month, the startup announced that it closed a $1.5 million seed round, led by Hayaat Group, an investment company based in Dubai, with Privity FZ LLE acting as advisor.