Appsolutely, the leading blockchain loyalty system and creator of LoyalCoin, today announced the launch of the Token Generation Event (TGE) for its LoyalCoin (LYL) digital token. LoyalCoin is the token that powers the blockchain-backed LoyalPlatform, which allows users to redeem points from any participating brand, anytime, anywhere.

"We're excited to be taking a huge step forward in executing our vision of a reshaped loyalty economy," said Patrick Palacios, CEO and founder of Appsolutely, Inc. "With the introduction of LYL, we formally start our work to build the stronger relationships between consumers and brands promised by the LoyalPlatform."

Since launching its presale on November 11, Appsolutely has made 4.75 billion LYL available to the public for purchase. An initial supply of 500 million tokens sold out three days before the scheduled completion of the presale. A total of 997 backers worldwide raised the equivalent of US$3 million through their participation in the LYL presale.    

The tokens will enable consumers to redeem or purchase goods and services from LoyalPlatform merchants and retailers, and exchange LYL with one another. Through their TGE fundraising, Appsolutely is investing in the resources necessary to scale LoyalPlatform, research and development efforts to increase functionalities of LoyalCoin and other related services, integrate more retail and merchant partners into the LoyalCoalition, and move forward with rollout of the LoyalWallet app in both North America and Southeast Asia in early 2018.