Loyyal, a New York-based blockchain start up, has announced that it is participating in the inaugural Dubai Future Accelerators program.

The startup, which rebranded from Ribbit.me in April this year, is a loyalty and rewards platform built with blockchain and smart contract technology. It is already a member of the Dubai Global Blockchain Council, and has been focusing on developing a Dubai Points program for Tourists.

Launched under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, The Crown Prince of Dubai and the Chairman of Dubai Future Foundation, the Dubai Future Accelerators is backed by a AED 1 billion (US$275M) fund and is a historic and unprecedented program. It pairs top companies and cutting-edge entrepreneurs with strategic partners in Dubai to collaborate on and create breakthrough solutions. 

"Loyyal is humbled and honored to be one of only a handful of technology companies selected for this historic opportunity. This program is unique as the objective to hand-select 31 of the most cutting-edge technology providers from around the world, bring them together to find solutions to specific government challenges, and rapidly deploy those solutions into society”, Greg Simon, CEO and Co-Founder of Loyyal, said. 

According to the official release, Loyyal will be working closely with Dubai Holding, which is focusing on digital solutions across the hospitality, food and beverage, and real estate sectors that reduce paperwork and the need for human intervention, while increasing transaction speeds and customer satisfaction. 

"We believe Loyyal's expertise in blockchain technology can support the development of a prototype for high-value solutions to significantly enhance operations and customer satisfaction across Dubai Holding's businesses. It is a pleasure to be hosting and collaborating with talented team such as Loyyal, and we look forward to contributing towards creating a truly advanced and happier Dubai”, Yousuf Almulla, Chief Strategy Officer, Dubai Holding, said.