TL; DR Breakdown
- The famous outlet store is using employees to ensure C-Coin is on top of its game.
- The digital currency is already showing positive signs and could be used in due time.
Central Retail Corp., a leading shopping store covering over 50 provinces in Thailand, has established a digital currency, C-Coin, for trial. The company’s Innovation Team developed the crypto coin over one year ago.
At the initial stages of development, you could redeem coins at vending machines. However, the program changed to cater to their growing business.
The store is issuing blockchain-based currency to over 70,000 staff members in their various stores. The crypto will not be part of their salary but a bonus.
Employees can use the C-Coin to shop from the different stores instead of cash. The department store chain is trialing the crypto coin to establish its performance before going to the general public.
Central Retail Corp running the last stages of the crypto
The company that operates over 2000 stores hopes its customers can use it to make payments soon. The sandbox phase will be finished soon. The department store has other outlets outside Thailand. There are more than 100 stores in Vietnam and about 10 in Italy.
The chief of innovation at Central Retail, Kowin Kulruchakorn, said they could not reveal details of the coin distribution. He noted that as time progresses, they will know whether to list it for trading.
C-Coin is still a work in progress, and the company will reveal more details soon. The leading department store in Thailand is happy with its progress. Integrating crypto with its employees has given them hopes for its success.
Modern financial services
Other companies in the country are interested in developing and adopting cryptocurrency. The Bank of Thailand (BOT) could also launch a Retail Central Bank Digital Currency. They believe that there is a new generation of financial services, and they would like to embrace technological advancements.
The bank hopes a digital baht will change the efficiency of services in the financial sector. They hope that the currency will help people to increase their access to banking services.
The Chirathivat family runs Central Retail Corp. They retain more than 60% of the company.
The Central Group closely-held runs its malls under the Central, Central Embassy brands and specialty stores.
The community is the center of the Central Retail innovations. That’s why the company is committed to pioneering modern technology and experiences to cater to diverse needs.
With C-Coin, the company plans to evolve its customers’ lifestyle and uplift the communities in general.