+44 20 3318 2640
As blockchain and cryptocurrency continue to captivate the attention of business leaders, many are seeking ways to incorporate these innovative technologies into their organizations. One CEO at the forefront of this movement is Michael Culhane, Co-Founder and CEO of Alluvial Rewards. To gain insight into how blockchain is transforming the business world and how Opportunity Network can support this growth, we spoke with Culhane, a member of YPO Opportunity Hub.
Alluvial Rewards is a blockchain-based consumer rewards company that utilizes proprietary technology to enable a new business model that provides customers with a more compelling reward while cutting costs to merchants by 80%. The reward program operates on the blockchain, allowing the company to reward customers at five to ten times the rate of traditional reward programs. For example, if a customer buys a 100-dollar product, they would normally receive a 5-dollar reward. With Alluvial Rewards, customers would receive 25 dollars in V-dollars, a virtual currency that can be used like regular currency. The cost to the merchant would be 25% of what it would have cost to provide a 5-dollar reward, only costing a dollar.
“The goal of my business is to reward customers in a more efficient and cost-effective way,” said Culhane. “Customers transact with merchants using their credit cards in the same way they always have, and as soon as the transaction is made, the customer’s wallet is credited with the V-dollars. The customer does not need to understand the concept of blockchain or virtual currencies, as everything operates in the background.”
According to Culhane, V-dollars are digital discount coupons that customers can use for their next purchase. “The process is simple and seamless for the customer, who only needs to use the Cashback App USA to buy from hundreds of merchants and receive rewards for their purchases. The more users added to the ecosystem, the more merchants and rewards will be available,” he added.
So far, Culhane has been “operating at a one-on-one level” when it comes to speaking with merchants about growing and expanding his business. With that, Culhane has found multiple opportunities through his interaction with YPO Opportunity Hub. “What I love about YPO Opportunity Hub is that it’s more than just simply about fundraising or finding customers,” he said. “It’s being able to interact with people on a more global level without having to do it physically and in person. In my experience, I found the network to be great because I’ve been able to use the postings to be very specific about which part of the business I’m trying to reach out to. I’ve had great success in finding a cross-section of YPOers from fintech and from different parts of the business.”
Over the past few months, Culhane has had great success through YPO Opportunity Hub, including connecting with one of his first major merchants, who is bringing in 650,000 customers to the company. “I’m just now starting to understand the power of the network and I’m very excited about the incredible opportunity it presents to my business now and in the future.”
Michael Culhane is the CEO and Co-founder of Alluvial Rewards. For over 30 years, Culhane worked extensively in the area of aggregated content, travel Industry supply chains, travel technology, payment systems, online media, strategic partnerships and business development. Culhane’s company, Alluvial Rewards, utilizes proprietary technology to enable a new business model that provides customers with a more compelling reward while cutting costs to Merchants by 80%. He is based in the United States and is a current member of YPO Opportunity Hub.
