About

DigitalBits is a protocol layer blockchain focused on supporting consumer digital assets, specifically branded currencies. The protocol is designed for assets such as loyalty and rewards points, gift cards, and branded stablecoins.

History

DigitalBits was founded in 2017 with the vision of supporting mainstream adoption for blockchain technology - building a bridge between token economies and societal demands.

In 2018, DigitalBits launched the Early Access Program (EAP) in an endeavor to educate enterprise-grade adopters on the benefits of blockchain technology. Feedback from the EAP demonstrated a demand for consumer digital assets, specifically branded currencies such as loyalty and rewards points. DigitalBits is aimed at solving problems related to branded currencies including reducing unused consumer points which account for billions of dollars in value, reduce the siloed nature of loyalty and reward programs, and remove the costs associated with initiation and maintenance fees of these programs. These factors negatively impact all network participants - consumers, merchants, enterprise, payment processors, etc. DigitalBits aims to solve these issues through the tokenization of these assets by leveraging the DigitibalBits blockchain network. DigitalBits believes the tokenization of branded currencies as an asset class will support higher functions such as portability, security, and liquidity.

The EAP has accumulated various participants ranging from startups to publicly listed companies. In-line with DigitalBit’s approach, the companies engaging with the EAP housed millions of accounts, accounts that could ultimately be brought on-chain. Following the launch of the DigitalBits blockchain, the team behind DigitalBits received funding from a number of investors, including ARK, Storj, as well as individual limit partners from venture firms such as Pantera Capital and Arcadia Crypto Ventures.

In 2020, DigitalBits witnessed the launch of the XDB Foundation, a neutral, agnostic governing body designed to support the DigitalBits blockchain and ecosystem, in addition to related technologies and initiatives.