Locus Chain Foundation signs strategic partnership agreement with Let's Fly Free, a leading innovative travel and tourism company in India
SINGAPORE, Dec. 11, 2018 /PRNewswire/ -- Singapore-headquartered Locus Chain Foundation ("Locus Chain"), the company responsible for developing a next generation blockchain protocol, today signed a strategic partnership agreement with Let's Fly Free to introduce Locus Chain digital currency as a mode of payment in the travel and tourism industry. Let's Fly Free is an online travel and tourism platform based in India with more than one million paid users and average monthly revenue of USD 40 million since its launch in February 2018.
The introduction of blockchain technology is expected to revolutionize the USD 8.1 trillion global travel and tourism industry. With this strategic partnership, Let's Fly Free users will be able to make payments for memberships and travel packages using Locus Chain digital currency, which aims to become a convenient digital payment mechanism backed by blockchain technology. Following the launch of its main net, Locus Chain will also build a customer management system for Let's Fly Free. Both parties will later work together to introduce, develop and implement Locus Chain's blockchain technology platform to develop the tourism industry in Asia and Africa.
Mr. Rajendra Alapati, the 29-year-old CEO of Let's Fly Free, said: "Our business model is built on our keen understanding of people's demand for high-end luxury travel products; Let's Fly Free enables customers to buy luxury overseas trips based on regular, small-scale accumulation. This has been core to our explosive growth; and our strategic partnership with Locus Chain will expand Let's Fly Free's footprint in the global travel and tourism industry."
Mr. Sang Yoon Lee, CEO of Locus Chain, said, "This strategic partnership will be the first step for Locus Chain in India. Let's Fly Free is a young Indian company with a very innovative concept, with similar DNA to Locus Chain as the world's most innovative blockchain technology, that can be used for real-time transactions with perfect security."
Locus Chain uses Account-Wise Transaction Chain (AWTC) and Dynamic State Sharding technology to improve the transparency, reliability and scalability of its platform. The partnership is built on the practicality of Locus Chain's blockchain platform, which has been designed to eliminate loopholes in existing blockchain by maintaining transaction speed and safety regardless of the number of users in the network.
About Locus Chain Foundation
Locus Chain Foundation Pte, Ltd. was set up in Singapore in 2018, to develop a Blockchain-based platform and related business. Built by a team of Korean developers, international partners and advisors, the Locus Chain Foundation will offer affordable access to a reliable, secure platform that ensures accountability and transparency. It offers Locus Chain digital currency to streamline the platform economy with a payment system that is highly accessible even in the harshest circumstances. With offices in Singapore, South Korea, Japan, Mauritius and UAE, the company has a global footprint and partnerships to realize its plan to become the blockchain solution for international businesses and global citizens.
About Let's Fly Free
Let's Fly Free is an international tourism and travel platform based in India that curates travel packages to its members at a competitive price. With offices in 16 countries -- including France, Thailand, Singapore -- and more than 6,000 associate partners across the globe, Let's Fly Free operates on a monthly subscription model and specializes in luxury tour packages. Based on the contracts it has in place with airlines, hotels, restaurants, and travel agencies across the world, members can purchase travel vouchers at a preferential rate.
SOURCE Locus Chain Foundation