A B2C e-commerce company in Vietnam known as Tiki has introduced a new digital token, dubbed Astra. Tiki Xu (translated as Tiki Coin) was previously earned by purchasing goods on the platform, through gift vouchers, or topping up directly into their accounts. However, the coin could not be traded or transferred.
Tiki users will now be rewarded with Astra, which can be sold on the Tiki Exchange, as a result of this development. Consequently, Astra’s value changes based on the Tiki Coin, which is one Tiki Coin equal to one Vietnamese Dong. Astra tokens may only be used to buy discount vouchers; they cannot be redeemed as cash.
A Tiki spokesman explains that the program is called Shop2Earn because clients are able to earn more money with their bonus points. For retailers and partners, the business claims more features are in the works.
Tiki representative also said that Astra is not a virtual currency. Astra’s value is governed by supply and demand, just like any other actual asset. In order to protect their consumers, Tiki does not seek to expand the exchange.
Tiki Exchange may only be accessed through the Tiki app at this time. In order to cover its costs, the firm claims to charge a fee of 0.1% for Astra transactions, which is deducted from a client’s total Astra or Tiki Coin value.
Starting out as an online bookseller in 2010, Tran Ngoc Thai Son, a Vietnamese entrepreneur, was inspired by Jeff Bezos’ Amazon. Following its $258 million Series E round reported in November 2021, it has become one of the country’s few tech soonicorns.